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I bought a home on FHA October 2009. I was not aware of the…

Customer Question
I bought a home...

I bought a home on FHA October 2009. I was not aware of the risks I would have regarding living in a Hazardous Flood Zone. Every year (especially the last 3) the flood insurance has increased massively. My payments have more than doubled a month with this increase. My house has never been flooded btw.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Mind you, I had to file bankruptcy in 20013 due to an ugly divorce. I never signed the mortgage again, so this mortgage shows closed on my credit score. I live in Indiana.

Lawyer's Assistant: Has any paperwork been filed?

I cannot afford to live in this house anymore. The crime has gotten worse on the road, and the flood insurance has become ridicules. Can I short sell this house without them coming after me? And I am not sure about what paperwork you are inquiring about.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

2013* filed bankruptcy

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 2 minutes by:
9/27/2017
Real Estate Lawyer: Infolawyer, Lawyer replied 8 months ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 62,214
Experience: Experienced lawyer
Verified
You have a few options. You can negotiate to short sell in exchange for a release. You can also hire a broker to sell it at market and perhaps make a few dollars doing so. if I can elaborate on anything, just ask me. Please let me know if the reply is acceptable by responding “yes” or “acceptable”
Ask Your Own Real Estate Law Question
Real Estate Lawyer: Infolawyer, Lawyer replied 8 months ago
Awaiting your reply, thank you!
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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