Quote:
Originally Posted by OrangeBlossomBaby
Wrong logic. We'll use your example:
Someone gets a loan for a new home build in the Villages. They get the mortgage for the lot and the home design, the money is handed over to the Developer. A month after the house is built, the government sends you a notification that the entire property, and the six blocks around it, is condemned due to hazardous waste that the Developer knew about, but conveniently forgot to mention to you.
Now you owe $300,000 on a mortgage for a property that was sold to you fraudulently and deceptively. You owe $300,000, AND you still have no home, because you can't live there. You'll now have to buy ANOTHER home - but what lender will loan you money while you're already $300k in debt, with no collateral to secure it?
The Villages should be paying that loan back. They're the ones who cheated both you and the bank. The bank only lent the money because they were ALSO deceived into believing it as a sound business decision to lend the money.
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To use a quote from a previous post - The entire "case" was based on a hypothetical and should never have made it to the Supreme Court.
Although your stated case above is hypothetical, it does not relate directly to the government unless you build more hypothetical conditions.
First, the loan was an agreement between you and a bank. As a buyer you would likely have paid for a Title Search and Home inspection to assure the property was clear to sell. In the agreement to buy, your lawyer would ensure that words were included ensure the seller properly described the conditions for sale.
Sale made. Now you find notice from government about property condemnation. Not likely, since those hazardous waste issues are not instantaneous. But 6 block radii? You are not alone. Starts to sound ridiculous. That is why hypothetical is not acceptable.
To the issue. You take out a loan and you are responsible to pay. If you have valid complaint, call a lawyer. Don't expect government rescue.