I have a home in Florida built and bought in 2006 that is probably now worth (had it not had toxic chinese drywall) what is owed on it, maybe 10 grand less. Right now it is being "repaired" for the problem by the builder, while they rented a place for us.
When it is done, probably by July, it will loose even more value in this rapidly declining market ( SW Florida) AND even if someone was interested in buying it, they would surely expect a deep discount for it being a repaired home.
We do not want to move back into it when it is finished, as the builder is leaving very contaminated plywood up, to re drywall over, along with plans to re-install very contaminated wood cabinets in the kitchen and all of the bathrooms. Never mind that the wood studs, trusses and block being left are also contaminated. My family and I were made very sick by the toxic gasses the bad drywall was emmitting while living there.
Even in our rental, the furniture has been so contaminated, it continues to cause exposure symptoms.
We can afford the payments if we moved back in to that toxic waste dump that has nothing but the memories of being attacked by invisable demons (host of toxic sulphur compounds, including hydrogen sulfide) while in it.
These homes to be properly remedied should be bulldozed and rebuilt. If that turns out to be the official word on this housing disaster now facing 41 U.S. states and aproximately 100,000 homes, our home will be worthless after the builder is done replacing the drywall.
Making payments on it seems like putting good money after bad, and we won't be able to afford to do that if we choose to not move back in, not wanting to further increase our exposure to the toxic gasses left by contaminated materials the builder will leave behind.
However, we make to much to qualify for Chapter 7, and Chapter 13 sounds really gray. We have spoken with 3 different attorneys on it already and they all give conflicting information on how to go about it and are vague on how it can turn out.
Our goal is to protect our income, while wiping our hands with the lender Wells Fargo, and the mortgage.
It is sounding like, in Chapter 13, we may very well be forced to pay a deficiiecy judgment, at whatever it turns out to be, when Wells fargo would foreclose on it, which could be 4 years (really backlogged here) from now when the house may be worth nothing to half of what we owe on it -$490,000.
We put 20% $125,000 down, and another $125,000 in upgrades after we moved in and already lost all of that to the market, on top of over $50,000 in contaminated furniture that needs to be headed for the dump.
Our American dream turned into a nightmare, all because we bought a home built with toxic drywall our government let into the country from China, that a desparate builders subcontracters chose to use during a shortage of U.S. drywall.
We can not sue the builder to buy the home back, because it would be years for a class action to get settled, and those in the class will be lucky to get 10% of their losses when all is said and done. The builder made an offer to move us out all expenses paid while they "repaired" it, to their satisfaction. Our health was so bad, we had to accept the offer just to get out of there. We had no where else to go.
Are we doubled screwed to paying a 6 digit deficiency via Chapter 13 or does anyone else see a better way out of this toxic nightmare for us????
I wish we could just hand the keys over to Wells Fargo and be done with it and try to get our life and health back.
Tens of thousands in Florida are in the same boat.
Are we better off not making payments starting now and letting the bank know that we do not want the home, nor will we be living there?
Should we try to sell it while not making payments while renting elsewhere and see what happens?
We don't care about wreaking our good credit at this point. We also never want to own a home again. Talk about the system getting it's hooks in you.
We just want the bleeding to stop ASAP and for our income to stay protected.
We will be consulting with many more attorneys trying get clear on what filing for Chapter 13 would look like. Seems our case confuses them because we are one of the rare few who do not want to keep or live in a toxic home forever marred with the stigma of it having had toxic chinese drywall.
Has anyone in Florida used 13 to walk from a home?
Is there a better way?