What is the name of your state (only U.S. law)? Florida
Good afternoon Everyone,
Here are some details to assist with any recommendations:
1.Purchased the home in March, 2007 as a primary residence (FHA Loan)
2.February, 2012 - Purchased a new home and began renting the property
3.February, 2013 - Refinanced (FHA Streamline)
4.October, 2014 - Hired Property Manager to manage rental
•Current Mortgage Balance $116K @ 3.875%
•Current Estimated Property Value (2 Agents) $100,000
•I have never missed or made a late payment, so my loan is in good standing.
Issue #1
•My insurance has sent a "Notice of Non-renewal" until a new roof is installed (Estimate of $8,500) and I have until October 27th to comply.
•The "Seller's Property Condition Report" in 2007 stated that the roof was 3 years old and the appraisal listed no issues.
•One of the roofers that gave me a quote stated that the roof has two layers of shingles with the 2nd layer being very poorly laid and no permit has been requested since 1989.
•Since there was no permit requested and I don't have access to the records, the insurance company is telling me that based on the quality of the current roof, they will require a new one even though two roofers I had quote stated that the roof has around 5 years of life left even though it was poorly laid.
•Do I have any grounds to seek a claim for this incorrect information that was provided at the time I purchased the home?
Issue #2
•I have lost money on this property every year since I began renting in 2012 and I do not see this improving in the next 2-3 years.
•Coming out of pocket 10% of the overall property value does not seem like a sensible thing to do considering the current value.
•I do currently have a renter that is ready to sign a year lease, but my property manager is open to doing what is best for me long-term.
•What would my options be if I explored short-selling/foreclosure/bank negotiation? Would I own the full difference in sale or are there options?
Thank you in advance!
Good afternoon Everyone,
Here are some details to assist with any recommendations:
1.Purchased the home in March, 2007 as a primary residence (FHA Loan)
2.February, 2012 - Purchased a new home and began renting the property
3.February, 2013 - Refinanced (FHA Streamline)
4.October, 2014 - Hired Property Manager to manage rental
•Current Mortgage Balance $116K @ 3.875%
•Current Estimated Property Value (2 Agents) $100,000
•I have never missed or made a late payment, so my loan is in good standing.
Issue #1
•My insurance has sent a "Notice of Non-renewal" until a new roof is installed (Estimate of $8,500) and I have until October 27th to comply.
•The "Seller's Property Condition Report" in 2007 stated that the roof was 3 years old and the appraisal listed no issues.
•One of the roofers that gave me a quote stated that the roof has two layers of shingles with the 2nd layer being very poorly laid and no permit has been requested since 1989.
•Since there was no permit requested and I don't have access to the records, the insurance company is telling me that based on the quality of the current roof, they will require a new one even though two roofers I had quote stated that the roof has around 5 years of life left even though it was poorly laid.
•Do I have any grounds to seek a claim for this incorrect information that was provided at the time I purchased the home?
Issue #2
•I have lost money on this property every year since I began renting in 2012 and I do not see this improving in the next 2-3 years.
•Coming out of pocket 10% of the overall property value does not seem like a sensible thing to do considering the current value.
•I do currently have a renter that is ready to sign a year lease, but my property manager is open to doing what is best for me long-term.
•What would my options be if I explored short-selling/foreclosure/bank negotiation? Would I own the full difference in sale or are there options?
Thank you in advance!
