I bought a 2 family house a little over a year ago. We bought it as is with a few problems. We had to replace the baseboard heating and we had to put in a furnace. All together about $12,000. We are having a lot of problems. Went it rains hard. The sewer is backing up through the first floor shower drain and toilet. When my first floor tenant flushes his toilet, it sometimes come up in the shower drain. Also when it rains. Water leaks down the side of our wall in the dining room. We are having problems on the first floor with bugs of all kinds (huge spiders, slugs, centerpedes, termites, and ants. Me, my wife, and daughter occupy the second and third floors. We bought this house to help us get into a one family after living here until the house gained some equity so we can refinance. To make a long story short. We are considering getting out. But how? Is there a way to possibly get out of a mortgage. The house is only in my name by the way. My wife's name is free and clear.

You can try and sell it or let it go in a foreclosure, which will have deleterious affect on your credit. Thois are the only ways out of a mortgage.

Did you have an inspection when you bought it? Do you know if your state requires the seller to disclose issues with the home prior to purchase? In Washington for example, the seller is required to file a form 17 disclosing everything they know is wrong with the home. If they fail to accurately do so, the buyer can sue for damages, and it sounds like you definitely have damages.

As far as getting out of a mortgage, the new legislation that Congress just passed may allow you to cut the amount of your mortgage and have you refinance your loan. You can't pull cash out - but you may be able to eliminate some of the mortgage balance. There are severe consequences though - you must share in the equity with the creditor for a certain time frame, etc.

Ask a local mortgage broker. Don't just get any person from a bank - find a reputable local broker and see what your options are.

Good Luck.