Bond for title

[Hiddenbsideyou]

What is the name of your state? Alabama

Ok my husband and I did a bond for title for a 150 year old home about three years ago. We have been keeping up with our end of the deal including keeping the house insured. Well we are now wanting to walk away from the house as we have just had a baby and being as the house is so old we wanted to make sure that it was safe for our baby. The inspector found that the plumbing needed to be replaced, and they found several stains of mold and mildew growing with in the wall, as well as lead paint. The inspector said that if he was in our situation he would leave as he did not in his professional opinion did not believe that it would be safe for a baby. We were planning on fixing all the problems but the deeper we dug into problems the more porblems we found and we can not afford to fix them, nor can we afford to pay the upkeep on the house.

In the bond for title it states that should we not comply with the following terms then seller can take the house and we either are evicted or we become tennants. We were responsible for the maintenence on the house, keeping insurance on the house, and all payments were to be made by the 10th of every month. Well our payments are behind, we are in debt up to our eyeballs because everything is going wrong with the house, and there is a whole in the roof because insurance wouldn't cover it. We had homeowners insurance until Hurricane Jeane hit us last year, we had some minor roof damage (or so we thought) Insurance gave us a small very small settlement and then cancelled our policy. When we got to fixing on the roof we realized that it had been leaking for sometime, and that it needed more than a few slate tiles replaced. The house made it through Hurricane Ivan but the day after Thanksgiving a tree fell over during a bad storm and made a nice sized whole in the roof. We got several estimates and being as our credit is bad, the insurance was cancelled etc, we can not afford to have it fixed. We would be better to walk away from the house which is what we would like to do. My question is that in the bond for title it gives the person we were buying the house from all the say so, but we can not afford the house or its maintence espcially with a sick child with costly medical bills. Is there a legal action that could be taken against us if we tell the person whom the bond for title with that we can longer afford to keep the conditions stated in the bond for title, nor can we afford it? We would rather do it this way than to be evicted. Any help would be greatly appreciated.