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Attorney & Counselor
Attorney & Counselor, Attorney
Category: Business Law
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Experience:  Attorney & Counselor at Law with significant corporate, medium, and small business law experience.
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We lost our townhome almost 3 years ago due to mold infiltration.

Resolved Question:

We lost our townhome almost 3 years ago due to mold infiltration. The oringinal cause was found to be from a water leak from the gable on the roof. We were away and by the time we returned, our home was a total loss. Mold everywhre. We currently have filed a suit for breach of contract due to hme owners assoc. /property main. failing to maintain the roof. We have had to rent a home for this time and can no longer afford to have the rent and mortg. pymts. We were just about to put the home on the market as home sales in our area were great.   My question is how does it affect the value of our claim if the home goes back to the lender?We've been waiting and struggling 3 years. Had some delays with legal counsel and still don't have a trial date. We were just told maybe in 6-8months. How, or will it chg. value of our claim. We would have still have lost equity , potential profit from sale and loss of use. We really wanted to resolve this -- hold on and fix the home to sell. Thanks
Submitted: 5 years ago.
Category: Business Law
Expert:  Attorney & Counselor replied 5 years ago.
Hi

If you sell the home, or the home is foreclosed by the lender, you will still be entitled to recover due to the damage that you suffered due to breach of contract.

Of course, you should make sure that you preserve all evidence of the damage, such as pictures.

It is possible to have an earlier trial. I suggest that you work closely with your attorney to move the process along.
Customer: replied 5 years ago.
<p> </p><p>What my main question is ... that how much does foreclosing hurt the overall value of our claim? Could we still have recovery for the financial loss of something we could not afford to keep? Just wondering because we would not have the financial interest any longer. Could we still recover for losing the potential profit as we were planning to sell? That is why we were away during the time the water intrusion happened. We were planning a relocation as my husband just got a new job. By the time we returned, so sadly, the entire townhome was covered in mold and very much past the point we could live there. I seem to be getting a runaround on exactly what we can recover from our own attorney. Seems I need to be up on more than he is to give him questions,but then he doesn't have answers. But, don't know about starting all over-- we are drained.   Thanks for your time! Lesley</p>
Expert:  Attorney & Counselor replied 5 years ago.
Foreclosing does not necessarily hurt your claim, from a legal perspective. However, the home may be useful as evidence to prove the extent of the damage.

You can recover your lost profit, however that might be difficult to prove. It will be hard to value the exact amount of your lost profit due to the mold damage.

The best measure of recovery would be the repair cost to remove the mold and restore the premises.

You should be persistent with your attorney and make sure that you have all your questions answered.

Attorney & Counselor, Attorney
Category: Business Law
Satisfied Customers: 850
Experience: Attorney & Counselor at Law with significant corporate, medium, and small business law experience.
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