walk away?

[stucknaz]

What is the name of your state (only U.S. law)? arizona

My home is falling apart. The foundation is cracking everywhere because it was not built correctly in 1976. It is infested with termites, the house smells like sewer because the plumbing was installed incorrectly when built. I bought it 18 years ago, I assumed the loan with no inspection. I was a single mother making $8.00 per hr and thought it was an oppotunity to own a home. I did not know until later the numerous problems I now cannot afford to fix. The living room wall is about to literately fall off because the foundation is cracking. I am also behind in my mortgage. I am so depressed, I cannot stand living here. I want to walk away...No one will buy it, the bank loaned me money on it without even inspecting it. I unfortunately had to help family out (paid for my Mother's funeral) with the money instead of fixing some of the house. What can I do?

[Ohiogal]

Originally Posted by stucknaz

What is the name of your state (only U.S. law)? arizona

My home is falling apart. The foundation is cracking everywhere because it was not built correctly in 1976. It is infested with termites, the house smells like sewer because the plumbing was installed incorrectly when built. I bought it 18 years ago, I assumed the loan with no inspection. I was a single mother making $8.00 per hr and thought it was an oppotunity to own a home. I did not know until later the numerous problems I now cannot afford to fix. The living room wall is about to literately fall off because the foundation is cracking. I am also behind in my mortgage. I am so depressed, I cannot stand living here. I want to walk away...No one will buy it, the bank loaned me money on it without even inspecting it. I unfortunately had to help family out (paid for my Mother's funeral) with the money instead of fixing some of the house. What can I do?

You are responsible for your property> You can walk away and you will still owe the money. It was not builty correctly in 1976 and yet what have you done in the last 18 years? You could have requested an inspection when you bought it and did not. You are responsible for maintaining your property> You did not. You didn't have to help your family -- you could have kept your own responsibilities. Your credit will be destroyed if you walk away. How are you going to afford to move anywhere else?

[Seattle Slew]

Originally Posted by stucknaz

What is the name of your state (only U.S. law)? arizona

My home is falling apart. The foundation is cracking everywhere because it was not built correctly in 1976. It is infested with termites, the house smells like sewer because the plumbing was installed incorrectly when built. I bought it 18 years ago, I assumed the loan with no inspection. I was a single mother making $8.00 per hr and thought it was an oppotunity to own a home. I did not know until later the numerous problems I now cannot afford to fix. The living room wall is about to literately fall off because the foundation is cracking. I am also behind in my mortgage. I am so depressed, I cannot stand living here. I want to walk away...No one will buy it, the bank loaned me money on it without even inspecting it. I unfortunately had to help family out (paid for my Mother's funeral) with the money instead of fixing some of the house. What can I do?

Have you talked to the bank? Is this a 30 year mortgage with 18 years paid or did you refinance?