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HORRIBLE Credit Nightmare! Please help!


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Posted by basketlady (208.157.116.253) on February 06, 2003 at 14:19:36:

I will try to make this as short as possible, and if ANYONE with any legal knowledge can give me some good advice, I will be forever in your debt.

I bought my first house March 2002. I borrowed all I was eligble to borrow from my 401K and I maxed out my credit cards with cash advances (big mistake, I know now). All of that money was used as a down payment. Everything was done in my name because at the time I had good credit, and my husband's credit is horrible.

We moved into the house and IMMEDIATELY found something black on the walls in the basement (it was a full finished basement and this is where we would spend the majority of our time). I knew it was mold, so I had a mold remediation company come to give us an estimate. Estimate is $13,000!! That doesn't include putting the drywall back up and finishing the basement back to the way it was. That also doesn't include the $3,000 air test that would let us know if the mold spores are airborne and already through the whole house, including the upstairs.

We had to vacate almost immediately because my daughter is allergic to mold. During the time that we were there, which was about 3 weeks, we found during a hard rain that the roof leaks PROFUSELY, and it is hand written on the disclosure by the seller that there are no roof leaks. It also states that the dishwasher works and it hasn't worked a lick from the second we moved in.

I got an attorney immediately and documented EVERYTHING down to the letter. Bottom line....I spent $1500 in attorney fees in about 2 weeks time. Total fees were going to be in excess of $10,000, so I had to abandon the lawsuit against the seller because I could not pay the attorney fees.

I immediately contacted the lender to see what recourse I had, which was nothing. The lender DID agree to a "deed in lieu of foreclosure", which absolves me from paying any more mortgage payments and from coming after me for any defficiency between what they can sell the house for and what I owed on it.

Now, the lender cannot take the deed in lieu because the seller held a second mortgage for 5% for us (I had to have 10% down, and I had 5% so the seller agreed to hold 5% in a second). So, now because of the second, we are back to foreclosure.

I hate to know that every dime I had is gone to a house that I can't live in. I want to contact the lender again and see what I can do to avoid foreclosure, but what could they do? I can't live there because black mold is highly toxic. What do I do? Just let them foreclose? I just feel there HAS to be something I can do.

And, no, I did not have a whole house inspection. I know now what a huge mistake it was. I didn't have the $350 to pay for it, so I waived it. What a mistake. I thought about making some sort of financial arrangement with the bank, moving back in and living upstairs, and sealing off the basement until we can fix it, but how do I know if the mold is airborne already without the $3,000 test.

I bought this house from a state cop and he is a member of our county council. So, needless to say, I had to go out of town to get counsel. No one in my town would touch the case because of who he is. This person lived in that house for 16 years. You can't tell me he didn't know about the mold. Now, he's building a $200,000 house off of my hard earned money.

Any ideas at all what I could work out with the lender? The house is just wonderful except for the mold. It truly was my dream home. Now, I'm in over my head in credit card debt because I've tried to keep a mortgage and rent and bills, and my credit cards are what I decided to stop paying on because I just couldn't pay everything.

HELP!


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