That’s lousy. Since you are living in an apartment now, have you tried to sell the house? Try to call some of the investors in your area or advertise no money down and do a contract for deed or lease option and see what kind of offers you get. If all else fails, default on the contract and let them take the house back. If they don’t want the house back, try to negotiate a short sale to either lower the amount you owe or if you sell to someone else they may be willing to reduce the price. If they don’t want the house back, they’ll need to understand they can either discount the price or end up with the mess back in their lap. Good luck.
BTW, where do you live? How much do you owe, what’s it worth in good condition? There are very few houses that truly need to be torn down.
We live in Illinois. We bought an older house which we were planning on renovating from my Grandmother. We did know we had to rewire the house but did not know it was still substandard wiring which is not up to code in our state. Also as we got into working on the house, upon having bidders out to do siding/window work we were told we have excessive mold damage. Then our daughter got sick and was never better, hired an licensed air technician to come out and show there was mold in the house. We moved out immediately and into an apartment. What are my chances of getting out of this contract? I’m still paying insurance on the house which will basically have to be tore down. We also have invested well over $15,000 in repairs. I’m stuck on what to do and my family is hasseling us. Thanks!