Like you we purchased a 2 unit property in Buffalo 3 years ago and had so many p

  1. profile image45
    lollybushposted 7 years ago

    Like you we purchased a 2 unit property in Buffalo 3 years ago and had so many problems ever since

    As of 25th of this month (Feb) our insurance company have refused to re insure us because we have claimed 3 times in last 3 years, we have had a lot of vadalism / theft to our property recently and the cost is going to be thousands that we need to spend on it, but with no property insurance we do not feel it is worth it, we are now considering foreclosing and letting the bank take it back, but dont know what the consquences are, we live in the UK can they sue us for the money if the property is now worth less?

  2. Charles S profile image83
    Charles Sposted 7 years ago

    Hope you received my personal email okay in response to this question? I SO feel for you. We lost tens of thousands and fought off foreclosure efforts but it's been an absolute nightmare. Also we didn't have a mortgage, so we just don't know what the consequences would be in your situation.

    Firstly, I would google for info on "what does foreclosure mean?" and read everything you can about it. Then I would definitely seek legal advice. Meanwhile you may get other helpful advice from people answering your question here ;-)

    I wish you the best of luck! Email me anytime, okay?

 
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