Scrote Squad
All-Star
- Joined
- Feb 11, 2009
- Messages
- 3,172
- Reaction score
- 9,083
- Points
- 113
In 2010, I bought a home and paid my mortgage, on time, for nearly four years. On May 12 of last year, a major storm came through the Akron area. The surrounding flood damage caused a wall in my basement to collapse, completely ruining my basement and all of its contents. I contacted my insurance company (State Farm) and they ruled that hydrostatic pressure was the cause and that they weren't responsible for helping in repairs. I had to pull my electric meter that night to avoid a fire and haven't spent a night living there since.
In the coming days, I had contractors out to assess the damage and got repair quotes in the range of $30k...$30k that I didn't have. I bought my house for around $150k and still owed about $120k. I maybe could have begged, borrowed or stole the money to get the repairs, but then I'd have to pay back that debt on top of still making my house payments which wasn't a realistic option. Instead, I contacted the bank and tried to set up arrangements in which they would:
a. drastically reduce the principle and suspend monthly mortgage payments so that I could make payments on the repairs
b. meet me in the middle, pay half of the repair costs and I would resume my monthly payments
I submitted paperwork with the bank and found out that there's a cookie cutter process that all issues like this have to go through. There aren't programs available to outliers like myself. Fast forward to now and I was just denied loan forgiveness/deed in lieu by the bank. My options are currently that I wait for the bank to give me the short sale amount that they will accept and I find a buyer at that number, I file bankruptcy to avoid being sued for everything I have, or contact HUD and hope that they can come through.
I've lived at my uncle's house for the last year. I have a well paying job and have no blemishes on my credit outside of this incident.
I'm curious if there is any advice anyone could provide? Also, I'm wondering if there are any writers that anyone is aware of that might be interested in hearing this story and potentially publishing something about it? I want to do the right thing but I'm getting bent over without having any say in the matter. Any help would be appreciated. @Lee and @natedagg I think I remember you two being in housing/law.
Thanks guys and gals.
In the coming days, I had contractors out to assess the damage and got repair quotes in the range of $30k...$30k that I didn't have. I bought my house for around $150k and still owed about $120k. I maybe could have begged, borrowed or stole the money to get the repairs, but then I'd have to pay back that debt on top of still making my house payments which wasn't a realistic option. Instead, I contacted the bank and tried to set up arrangements in which they would:
a. drastically reduce the principle and suspend monthly mortgage payments so that I could make payments on the repairs
b. meet me in the middle, pay half of the repair costs and I would resume my monthly payments
I submitted paperwork with the bank and found out that there's a cookie cutter process that all issues like this have to go through. There aren't programs available to outliers like myself. Fast forward to now and I was just denied loan forgiveness/deed in lieu by the bank. My options are currently that I wait for the bank to give me the short sale amount that they will accept and I find a buyer at that number, I file bankruptcy to avoid being sued for everything I have, or contact HUD and hope that they can come through.
I've lived at my uncle's house for the last year. I have a well paying job and have no blemishes on my credit outside of this incident.
I'm curious if there is any advice anyone could provide? Also, I'm wondering if there are any writers that anyone is aware of that might be interested in hearing this story and potentially publishing something about it? I want to do the right thing but I'm getting bent over without having any say in the matter. Any help would be appreciated. @Lee and @natedagg I think I remember you two being in housing/law.
Thanks guys and gals.