Hi, all --
So, I bought a house in October 2020, which felt like a miracle for a 27-year old who, six or seven years ago, was homeless and destitute. (I taught myself programming and turned out to have a knack for it, and started a software career). Unfortunately, Hurricane Ida has made my home completely uninhabitable. The storm caused damage to the roof, which allowed water to leak in and drench basically the entire structure; every bit of drywall got soaked, and the entire place will have to be gutted and remediated for mold.
That was on September 1st. I’ve contacted my homeowner’s insurance and done everything they asked, calling them frequently to get an update on the status of things, but they haven’t even told me whether the damages will be covered. Since the house is uninhabitable right now — there is mold EVERYWHERE, and just being in the house for more than a few minutes without a mask gives me terrible headaches — I’ve been staying at hotels, but that’s pretty expensive. What’s worse, a contractor friend of mine estimated that the damages will probably take around 6 months to fully repair.
My wife and I need somewhere to stay while the house is out of commission, and we unfortunately don’t have anywhere free we can crash for that long, so an AirBNB stay / hotel stay is probably our best bet. My biggest concern right now, though, is having to pay the mortgage AND for staying at a hotel/Airbnb. One of my friends suggested looking into mortgage forbearance, and I’m reaching out to you, the personal finance experts of Reddit, to help me figure out if that’s a good idea.
Tl;dr — bought a house in 2020, Hurricane Ida wrecked it, going to have to pay for somewhere else to stay for 6 months while it’s repaired, is mortgage forbearance a good idea?
Submitted September 24, 2021 at 09:28AM by Yucyon https://ift.tt/2XEHtAR
