1doula2, Home Buyer in Los Angeles County, CA

I am in a condo that I bought for 305, 000 and is now worth 120,000. To top it off, the two of the touching condos next to me have been abandoned due

Asked by 1doula2, Los Angeles County, CA Tue Feb 23, 2010

to the economy and Black mold in them. My place does not have the mold yet, but its so bad next door on the same wall I sleep against that the ceiling is falling in. I cannot short sell with this, cannot seem to get the bank to finish my HOPE mortgage adjustment, and cannot morally rent to another family. My credit is shot from trying to get the bank to help. Should I just walk? What about the homeowners ( who also refuse to address the mold issue)?

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I am so sorry that you have had to experience this traumatic ordeal. Mold growth in a home is indeed a serious issue. In fact, there are numbers of people who simply ignore that there is a serious health concern that is confronting them. Perhaps in an educational forum, the homeowners/residents who refuse to address the mold issue will stand with integrity and assist each other in moving toward a healthy resolve. In the event you would like me to help you in educating your residential community, please feel free to give me a call.

Peace & Blessings,

Khalif A. Majied
(310) 849-6903
Web Reference: http://www.aplusmoldinc.com
0 votes Thank Flag Link Sat Aug 7, 2010
Yes, an attorney will need to be consulted, the HOA you're in may be broke and can't afford a mold defect lawsuit, I would be interested to know how many units are in your complex.

To still save your credit, you could still do a short sale on your condo vs. just letting it revert to the bank by doing a deed in lieu or a foreclosure. A deed in lieu is the same as a foreclosure on your credit.

The bank WILL agree to a short sale and with the known conditions, they will have to sell for fair market value taking into account the decrease in value due to the mold issues and due to the neighbors which have an affect on your own unit.

The object here is so you can take advantage of the real estate market and position yourself to purchase again in the nearer future vs. if you were to let it get foreclosed on.

The bank would have to deal with all of these same issues with mold etc., if they take it back as an REO.

let me know if you have any more questions.

emilyknell1@yahoo.com
562-430-3053 cell
email me directly, I don't check back on Trulia to the same thread
0 votes Thank Flag Link Tue Feb 23, 2010
Mold issues can be very serious--consult with an attorney, he'she will be your best source of advice--most propessionals do offer a free consultation.
0 votes Thank Flag Link Tue Feb 23, 2010
I would consult with an Attorney.
0 votes Thank Flag Link Tue Feb 23, 2010
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