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My friends house has mold throughout it. I don't know if I should file bankruptcy or foreclose.

My friends house had a leak and as a result mold went through the entire home. Her insurance company refused to pay and I now she has an empty home and has no idea what to do next. Can someone advise? Shes thinking about bankruptcy or foreclosure.
  • August 17 2013 - Fort Worth
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Answers (9)

Best Answer

I say sell it. Lets find out how much she owes on the property and get it sold. Inly investor will be interested in remediation the property to living standards. If she can get the price right it could be a win win. Their shouldn't be a need to file bankruptcy. Feel free to have her reach out to me if she needs assistance.
  • August 17 2013
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Profile picture for KGailB
Thank you Joseph for your feedback as well. God bless you!!!
  • August 20 2013
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I think it's pretty neat when people use the site to help others,  Chris is spot on with the 'what to do' I think...I know as a renovation contractor that mold is not the end of the world...it seems that way to people whom that are in the bad situation of dealing with it...but filing bankruptcy isn't the answer.

I was instructed by my lawyer to file during a divorce but told him he was crazy. I got through it and raised my credit score 100+ points within the year.

God works... I have found at the last minute, last day, last resort but He always has came through in the end as long as you keep a positive outlook on life and the hand you've been dealt.

God bless your friend and I know that things are no where as bad as she thinks they are, you're a great friend for the post.
-Joseph-
  • August 19 2013
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Thank you for speaking with my friend this morning. I pray she use your advice and make the right decision. God bless you for your heart to help.
  • August 19 2013
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  • August 19 2013
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The type of mold in her home was not covered on the policy.
  • August 17 2013
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Profile picture for wetdawgs
A number of insurance policies have a very specific disclaimer about mold.  The way to avoid this is to claim for the damages of the leak immediately at the time of the leak rather than after it has had time to go moldy.
  • August 17 2013
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Profile picture for SoCal Engr
I agree with the "why is the insurance company refusing to pay" approach.

We had a house where a $0.50 washer let loose and the resulting water damage required over $18K in remediation (wood floors, carpets, paint, etc.). Other than a $500 deductible, the insurance company paid all costs, including hotel/food while the damage was being remediated.

It would be enlightening to know why the insurance company is denying the claim.
  • August 17 2013
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My first step would be fighting the insurance company.  Why did they refuse to pay?  Maybe a call to the local news station may help?

Second, consider a short sale.  This is much better on your (her) credit than a foreclosure or bankruptcy.  
  • August 17 2013
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