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Response to xchrom (Original post)

Mon Feb 9, 2015, 04:34 PM

76. I got screwed. It was the worst financial decision I ever made.

I really didn't want a house, but my family pressured me into buying. I saved up the money and bought a 3/2 townhouse. I had it inspected and it passed. It turns out that the place was built with bad plumbing. The incoming plumbing was something called 'Dupont Gray Pipe', but I didn't know about it until it was too late. I put a new roof on the place, and bought all new appliances. I painted the outside, and had the kitchen re-done too. I had to do the kitchen because I got hit with hurricane Wilma and there was damage from the storm. I lived there for 8 years before I had to move out due to toxic mold. That new kitchen only lasted 4 years before I had to throw all the cabinets in the dumpster. It turns out that the plumbing had all these tiny pinhole leaks and the drywall and kitchen cabinets absorbed the moisture and started growing mold behind the walls. Once I realized what was happening I filed an insurance claim, but was repeatedly denied by Citizens (the insurer of last resort in Florida). I hired a public adjuster, but it did no good. I hired a lawyer to see if I could sue. I had already spent all the money I could fixing the place up and had nothing left. I really wanted a single family home, but I realized that I couldn't afford the payments, so I bought something that I thought I could afford. I fucking hated being a homeowner. Now that I'm in my early 50s I just can't see trying again. Paying rent is not throwing your money away. You have to live somewhere. I would prefer to call a landlord when things go wrong. I burned through so much cash buying that POS. Now if you have a home with gray pipe in it in Florida, you can't sell until you get it replaced. There was a class action lawsuit over this, but you had to sign up by 2009 if you were a victim. I didn't have any problems or awareness of the situation until the early part of 2011. I had to walk away and file chapter 7 to protect myself. The mortgage company wanted me to do something called 'deed in lieu'. I told them that if I could do that I would still be living there, or rent it out. You can't live in a home that has perpetual toxic mold. I also found out that the entire building was infested with termites. In south Florida we would have to tent the entire building. With 5 separate owners there was fat chance of that ever happening. I should have been more responsible with my money and just bet it all on 13 black at the casino. Win or lose, the outcome would have been far better than homeownership.

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LineReply I got screwed. It was the worst financial decision I ever made.
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