Can I file a lawsuit for nondisclosure that the property I purchased is in a high risk zone? 5 Answers as of March 21, 2014

I purchased a property in 2007. All parties involved said it wasn't in a flood plain including the bank. Went to refinance in 2012 and it was in high risk zone. The property had flooded 2 years prior to purchase and again 2 years after. Now I can't get a buyer at any price and will default on loan. Can I file a lawsuit?

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
James T. Weiner & Associates, P.C.
James T. Weiner & Associates, P.C. | James T. Weiner
Potentially you could have for fraud. But its a 6 year statute of limitation that may be blown given that you have not filed yet. By the way the 2012 issue was probably a revision (expansion) to the 100 year flood plain maps from the U.S. government in 2010 or so, it was not necessarily based upon your flooding issues.
Answer Applies to: Michigan
Replied: 3/21/2014
Stacy Joel Safion, Esq.
Stacy Joel Safion, Esq. | Stacy Joel Safion
That should have been stated in the hazard disclosure report that you received.
Answer Applies to: California
Replied: 3/21/2014
Meister & McCracken Law Firm, PLLC | Joanne M. McCracken
Possibly, you should speak with an attorney.
Answer Applies to: Arkansas
Replied: 3/21/2014
Law Office of Barry R. Levine | Barry R. Levine, Esq.
What wasn't in a flood zone in 2007, may very well be in a floor zone today. The Feds changed the boundaries. You should speak to an attorney who specializes in this type of law.
Answer Applies to: Massachusetts
Replied: 3/21/2014
Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
You should have a lawyer evaluate the exact representations, etc., but it appears you have a case worth investigating.
Answer Applies to: Illinois
Replied: 3/21/2014
Click to View More Answers: