Need to get out of home...?

Question

I have a FHA loan that is backed by THDA guidelines. I bought my home 5 years ago. My home has an extensive mold problem which has become a detriment to my family. We recently had a mold test done and the inspector advised us to leave the house ASAP. He advised us that we have a very toxic mold problem that will only make things worse if we stay. He also advised us that the repair could cost about $15K, which we do not have to put into a house that is 60 years old.

We are desperate to get out of the house because the mold has caused my children to suffer from skin dermatitis and eczema; however, because of the THDA guidelines, we are required to occupy the house – or sell it. The house has been on the market for about 3 months and it has only shown once. We cannot rent the house and to be honest, at this point I wouldn’t want to.

We are at wits end and at this point and it seems we are out of options. I don't want to damage my credit by foreclosing on the house or doing a deed in lieu, but I really don't have any other options. Does anyone have any advice?

Answer 1

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Answer 2

Sad to say, toxic molds don't grow overnight.  Assuming that you had a professional mold inspection done before your purchased this home and none was found, then the growth of the mold occurred in your period of ownership.  Mold prevention is a maintenance issue.  You prevent it by taking steps to keep moisture levels low, since molds won't grow in the absence of moisture.

I can only suggest shopping around for a mold remediation company.  Unless your infestation is quite severe, you should be able to get that handled for less than the $15,000 figure you were advised.  You might ALSO have another mold examination done to validate the results provided by the first inspector.  For all you know, he finds molds and recommends his buddy to do the remediation. Perhaps your local housing authority can provide an unbiased source of testing for you.

Answer 3

Have you checked with your home owners insurance company to see if it covers mold? That would be one thing that you can do.

Get a 2nd opinion about the treatment and what it would cost. 15K seems pretty steep.

Answer 4

No you may have already ansewred you own question the best, Did you do an inspection???? That should have been found if you did one and if you didnt then its kinda your fault, also if you did one and there was no mold then it happened on "your watch".

Answer 5

Price is your answer if you want to sell.  Lower it to rock bottom, disclose the mold issue and sell it.  Everything can be overcome with price even in a slow market.  It is an unfortunate situation you are in & I agree with the other person who commented about getting a 2nd opinion - there are alot of scams out there regarding mold.