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Lender Mold Liability
Q.
WE ARE IN THE PROCESS OF REFINANCING A PROPERTY
IN CALIFORNIA WHERE THE TERMITE CERTIFICATION COMPANY
DETERMINED THAT THE PROPERTY HAD A MOLD PROBLEM. DOES
THAT HAVE TO BE ADDRESSED BY THE BORROWER ON A REFINANCE
TRANSACTION? THE COST TO THE BORROWER IS ESTIMATED AT
$600.00----President, mortgage lending company.
[Sept. 23, 2004]
A.
You are the lender. It is up to you to negotiate how to
deal with mold inspection, testing, and
remediation for mold problems and who's to pay for it,
but please make note that the $600 figure is probably
only for a mold inspection and testing fee, and not for
mold remediation which could potentially cost more than
the house is even worth. The house should be carefully
mold inspected and mold tested by a
Certified Mold
Inspector. It
is possible for mold problems to be so big [e.g., substantial hidden mold
growth inside walls, ceilings, floors, attic, crawl space, basement, and the
heating/cooling equipment and ducts] that safe and effective mold
remediation will cost thousands of dollars or tens of thousands of dollars.
A mortgage lending company would be
wise to require Certified Mold Inspector mold inspection
and testing of any home for which you are being
requested to loan money against its collateral value. If
a home has a serious mold problem, there may be NO
collateral value to the mortgage lender, and actually a big
mold legal liability by
the property owner [e.g., your company if you foreclose
on the mortgage in the future]. Lenders routinely get
sued as to their role in lending money for a moldy
property. You also would be wise to have someone on your
staff [preferably yourself] be mold trained and
certified as a Certified Property Mold Specialist. It
could help your company make big money in these
fast-changing, environmentally-aware times. Visit:
Mold School. You would also be wise to read
the in depth ebook
Mold
Legal Guide, available from the
Mold Store.
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