C
CarrieB
Guest
A friend of mine has owned a 2 bedroom 1 bath home in Pennsylvania for about 8 years. They owe 140,000 on the house right now and are able to make the mortgage. However, they gutted the house and found black mold and after more inspection found the foundation and Sill of the house to be completely shot. They had the house on the market before they found all these issues and they were unable to sell. Her husband who is a contractor stated it would cost them way too much to repair the damage to the home with out going completely in the whole financially. She is at her wits end and is contemplating walking away from the house and renting. Has anyone had this experience? Is there anyway the home could be deemed unlivable by a County Inspector? If it is condemned/deemed unlivable how would a mortgage company handle this? Is there any way to walk away from this house with out having huge repercussions? They can not sell the house at this price, they can not refinance because of the real estate market. Have the Foreclosure policies changed to help people who are in this type of situation?