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In the disclosure statement on a home sale, I wrote that the old roof “leaked (replaced) age 1 year old”. The buyer is suing me in court for a leaking roof saying that I had misrepresented the state of the roof. Does he have a leg to stand on?

The seller would have a defense only if he/she disclosed everything about the roof, i.e. specified exactly the locations of the leaks, that the roof was not a new roof, exactly what areas were replaced, how and by whom, the roof is sold in as-is condition and the seller gives no warranties as to the condition.

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What is a second mortgage?

A second mortgage is just that – it is an additional mortgage on a house or other property where the original mortgage is still in effect. The term “second mortgage” denotes the loan’s priority in getting paid upon default. If you fail to pay your mortgages, and your home is foreclosed upon and sold to pay off the loans, the original mortgage will be paid before the second mortgage.

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Bankruptcy and Legal Implications of Loan Modification

All of the recent talk about loan modification has raised as many questions as it has answered. Can you get a better loan modification deal through bankruptcy? Will a loan modification damage your credit? Do you have a legal right to a loan modification? What information will you need in order to get a loan modification?

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