My husband and I live in Alaska. In 2017 we bought a mobile home (in my husband's name) to get out of a moldy apartment. We didn't have much of a choice because the market for rentals up here is prohibitively expensive for normal folks and extremely pet-unfriendly as well.
The mobile home turned out to be in much worse shape than expected and the inspector did an incredibly poor job of inspecting the place. For the last four years we've been fixing things like the furnace as they break. We also caulked things that should have been caulked in the first place where we still could. Contractors would keep ghosting us after having a look at the place, however.
The credit union who gave us a loan for the home decided just a few months later they were no longer going to bother with homes of this age.
A guy who works at a hardware store gave me his number a while back and I decided to text him, since we weren't hearing back from more contractors. He had a look at the place and he told us in no uncertain terms we needed to make a plan to get out, because we were sold a thoroughly rotten home with a fresh coat of paint on it. There's all sorts of other things wrong with it too, just adding to the rot problem; from poorly installed windows to an old, saggy membrane roof. To 'repair' the damage we'd basically have to strip everything down to the trailer frame under the home and completely rebuild it. This thing is done.
He mentioned a chapter 11 bankruptcy, but from what my husband was able to find out that'll haunt us for the next decade and make it impossible to rent or take out loans for anything. We have about $44,000 left to pay on the mortgage and we are pretty sure we can't sell it for that much. My husband will be trying to pick up extra hours to pay off some other debts like hospital bills for the time being.
The whole reason we got into this mess is because we were inexperienced buyers on a time limit. I wasn't even in the country when the deal got closed due to family business. I made this throwaway account to get financial advice from people who know what they are doing and aren't trying to screw us over. Any advice would be greatly appreciated.
Submitted June 19, 2021 at 11:40PM by AKhomeowner12345907 https://ift.tt/3cUFYDp
