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Updated over 6 years ago, 09/15/2018

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9
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0
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Brett Martin
0
Votes |
9
Posts

How do I get out of this nightmarish 203k loan

Brett Martin
Posted

I closed on a loan In may. 203k loan. The specification of repairs with all work is 54900.00 with 4 grand in contingency. Our original contractor lost his license due to copyright infringement. We have had 6 contractors state that the s.o.r. quoted price of 54900.00 is about 30000.00 to low. For the actual work to be done it would cost upwards of 90000.00 They have all pretty much come up with those figures. No one is going to do the work at our quoted price. I've reached out to mortgage company and explained. They dont give a ****. My lender said he should be able to get me out yet is having difficulty. No work has been done. No money disbursed. Why the hell can't I get out? Whether take the loan and pay it back or something. This has been a nightmare. My deadline is October 10. This has caused tremendous stress . Any have any ideas for me? Thank you

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