In 2012 I considered selling my duplex since the outside work and upkeep cost involved in being a landlord had become physically and financially excessive. It was quite a shock when my realtor told me my home was unsalable due to the crumbling concrete in the foundation of the rental side. I immediately contacted my insurance company, which informed me they would only cover a collapsed foundation, not one in the process of collapsing. The irony is, since I reported the problem, I was no longer covered if the house did in fact collapse. In the mind of the insurance company, I was aware of the problem and did not correct it. My rental unit was vacant until I borrowed $40,000 to install two interior concrete walls.
Last summer, NBC Troubleshooters alerted me of the widespread concrete problem, and I learned of Attorney Brenda Draghi’s mission to bring relief to homeowners with concrete cancer. I hired a third structural engineer, and he confirmed the newly poured walls that I had financed with the $40,000 loan were not a permanent solution. He told me the basement walls of the unit I inhabited were collapsing as well.
I have worked hard to pay off my mortgage and become debt free, so I would have a nest egg at retirement. Now I have a home that is basically worthless and a large loan.
– Homeowner, Vernon