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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 111502
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I PURCHASED A 2ND HOME IN AUG OF 2007 WE PASSES PAPER IN NOV

Customer Question

I PURCHASED A 2ND HOME IN AUG OF 2007 WE PASSES PAPER IN NOV OF 2007 DID NOT KNOW HOUSING HAD DECREASED IN PRICE BANK THAT TOOK MY LOAN ALSO HAD CONSTUCTION LOAN IN MY OPPION THE BANK SHOULD HAVE NOT GIVEN ME THE LOAN OR INFORM ME OF THE LOSE OF VALUE ON HOME
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 3 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, it is not up to the bank to let you know when property values decrease. The real estate market goes up and it goes down and even goes back up again. So I am afraid the law makes this up to the buyer to conduct their due diligence in these matters. I am sorry to say though that this was not the bank's fault that the value of the home decreased, so the loan officer at the bank was not liable for this. Legally, the laws are not written in a way to make the bank liable for what you are describing.

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