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. 

[Matthew Paul]

It almost sounds like a tear down to me .  It will possibly be the same amount of money ,maybe cheaper . It will be faster , easier , and the house will be new and worth more than a rehabbed house . AND you will have a better chance to stay on budget