HELP: Bought a house that will likely be condemned

[Stephanie Nurre]

My husband and I recently purchased a house in Lake Forest, IL that needed some rehab. We did all of our due diligence (three mold companies, chimney inspector and regular home inspector). After beginning the mold remediation, we found many walls rotten to the siding (about 50% of the house). Most of the house will need to be reframed. Additionally, the previous owner did several additions DIY style and had no idea what he was doing. All of the additions will need to be redone. The roof also needs to be completely redone. This we knew, but thought it was our biggest issue.  It was leaking causing much of the water damage throughout the house. At this point the cost to get the house to where we thought it was (based on previous inspections) going to be is 250,000. This is without any remodeling. We now have a very expensive mortgage, with a house that cannot be repaired or lived in. What legal rights or options do we have in this situation. 

[Stephanie Nurre]

Thanks for the slap in the face Maksu. This was in no way a way to make big money. My husband and I are active-duty military that need a place to live. In today's market it's difficult to find affordable housing so we thought we would do some work on our own. We've had to move to four different states in four years. YES, forced to move!!! I've moved my family four times in four years, twice alone because my husband was deployed! My kids have gone to four different schools in four years. We're not trying to get rich just survive. When you make sacrifices for your country your family pays the price. I had heard the podcasts before and thought I might find some advice. Please don't be rude. I have enough stress in my life besides this house.