Question
Updated: How can I stop paying mortgage if i can't live in the house?
Please watch the new video. Just came out. ny1 ... ================================= I'll just list the facts. My case is very complicated. * My house is located in Staten Island, New York * My house is one of 28 in Home Association (HOA) * My house is one of 9 that facing the water * In 2007 Nor'easter hit and retaining wall has collapsed * 9 families were ordered to evacuate by Department Of Buildings * Since houses did not have any damage besides their back yards, home insurance did not cover the damages * Same time FEMA declared Staten Island a disaster zone * We were suppose to get $1.5M Small Business Administration loan, but never did because of the fact that other 18 homes refused to take it * To repair the wall we need to spend millions that we don't have * It has been 2 years since it happened and we suffered unimaginable hardship. We had to live in very poor conditions renting or living with relatives and continue paying mortgage * We went through 5 lawyers spending tens of thousands without any success to get back to our homes * Last week-end we have discovered that our homes were burglarized and vandalized to add to our misery. Watch this: ny1 ... Now is the question. At this point there is very little hope for us to get back to our houses. We used up all possible legal ways and exhausted financially and emotionally. Personally I’ve put down all my family’s savings for this house and still owe over $300K to the bank. What options do I have to walk away from the property? THANKS for any help 16 hours ago - 3 days left to answer. Additional Details My wife and I are employed. Is there a way to apply for bankruptcy without bank going after our pay checks? 16 hours ago Thanks a lot for all answers. * Flood insurance was not required because the property is 50 feet above the water level. * Builder is nowhere to be found. Plus it's been more than 10 years since construciton. * We can't occupy our houses because of various complications that are beyond this post. If you're interested let me know and I'll post anohter question
2 months ago - 6 answers
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I can't believe you did not obtain flood insurance. 50 feet is not very high. I think you need to suck it, foreclose and declare bankrupcy, there really isn't any other option.
by Janet P
2 months ago
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Other Answers
all that stuff in question is not relevant. you must repay the mortgage loan you took out. you borrowed money from the lender and must repay it.
by David Z- 2 months ago
Flood insurance may not have been required, but it would have been advisable in this situation. Since my car is not financed, full coverage is not required, but I carry it anyway. That is what insurance is for and you did not have it, so you are in quite a pickle. I didn't watch your videos or read your whole rant here, but it seems that you keep throwing good money after bad.
by godged- 2 months ago
Go to your congressman and explain your issue and take along some of the other families in the same situation. Sometimes these congressmen can resolved issues that appear impossible.
by Othniel- 2 months ago
You can't stop paying your mortgage for any reason. The bank lent you the money for the home, car, snowmobile, whatever....It is not their responsibility to take care of those items for you, just lend you money so you can obtain them. It is our responsibility to take care of the home,car,etc, and to cover them against a loss with insurance. 99% of all lending institutions require we carry insurance to cover what the bank will lose in the event of a fire, flood, accident, or whatever. Once the loan is paid off, we can choose to protect ourselves against these things or not. FEMA is your only hoe in this case, but I'm sure they're still backlogged from Hurricane Katrina.
by fishlakeguy- 2 months ago
Pretty tough. However your home owners association has insurance for all damages to your outside of the home. I have no idea beside attorney`s are useless in most cases. (never hire one that has no experience with home owners associations) Your own home insurance will cover all damages to your interior of your home. Now that said the home owners associations insurance should cover your out of pocket expenses. If this is not what you needed to hear then there is the one option walk away and hand the keys over to the lender. If the property has been condemned then the mortgage co. has there own insurance for it. And send them a letter through a real estate attorney that has been in the business for years. Stating these facts. Need more assistance please e-mail for more information
by Big Deal Maker- 2 months ago