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Company Loan Type APR Est. Pmt.

deed in leiu

Posted on: 20th Apr, 2009 01:49 pm
I have an old house. I bought it because I loved the front and back porches. The previous owners said that it did not leak and that was 12 years ago. My firist winter in there water came through the floor. I have seen water actually pouring in from the outside at the bottom of the basement steps. All my walls have water crackes and one wall in the basement has buckleted. I have plenty of mold in the basement. I do have a humidifier that runs constantley. The house has shift or is leaning. All the walls have water damage cracks. There is a second level to this one family home. I have gotten estimates of repair and I have fixed repairs to no avail. Every-day Company gave me an estimate of 25 thousand but that would not gurantee that this would stop the leaks from the basement floor. The roof leaks inspite of my taking out an additional loan 12 years ago to finance a half roof repair before I moved in. The leak from the roof has shorted out light switches on the first level. I am at my whits in on what to do. I am not behind in my mortgage however I do owe 101 thousand dollars on the mortgage. I love the house but I can not afford the repair it would cost to continue to stay there safely. Contractors have told me that if I don't do some kind of repairs there is a grave danger of the wall collapse or something of that nature. What should I do? I am getting up in age and I don't meant to run from my responsibility of this house, but this is more repair than I can afford ... plain and simple and keep paying almost a thousand dollars a month house note.
hi

i think you can go for a deed in lieu of foreclosure. this will, however, affect your credit negatively. the repair is going to cost too much and if no repair is done, there are dangers of wall collapse. thus i think there is no point in staying in the house and making payments of thousands of dollars on it every month.
Posted on: 24th Apr, 2009 06:46 am
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