MILWAUKEE — A justice in the 7th circuit U.S. Court of Appeals ruled against the residents of the condemned Horizon West Condos in their lawsuit against traveler’s insurance.
This is putting them on the hook for the cost of razing the building, as much as $7 million dollars.
Condo owners were forced out of their homes in Dec. 2021 Two years later, demolition on the condo has started, but the stress owners are dealing with remains.
It’s been a tough two years for former resident Laurel Peterson. When she isn’t at her apartment in Waukesha, she’s hard at work in her office in downtown Milwaukee.
When Peterson heard the news that the latest insurance claim was rejected, she said she felt a range of emotions.
“We were definitely disappointed,” said Peterson. “That was kind of our last best hope that maybe we would recover some of our investment. But in some ways, it was at least good to get a decision so we can move forward because I and many of the condo owners are facing bankruptcy now.”
Peterson said the financial burden this situation has created has had many negative impacts. She said she is now focused on ways to rebuild her credit from scratch.
"You stop paying [your] mortgage and that is what I did, because I can't afford to pay [my] mortgage and rent in the apartment that I am living in now… That really impacts your credit," said Peterson.
When Peterson moved into her condo, she never expected her new home to be gone so quickly. She only lived there for two and a half years.
“I thought I was going to live in that condo, at least until I retired,” she said. “I had a vision of living there for decades really."
Now that the holidays are here, Peterson said she’s feeling the stress of paying for things like medical bills and Christmas gifts.
She said there isn’t much she can do at this point and she’s ready for this to all be over.
“I'm honestly at the point after waiting for two years, I just want to file for bankruptcy, and get started on the next chapter of my life,” she said. “I’m not really looking for anymore resolution, other than finding out if there is a light at the end of the tunnel to get the situation to come full circle.”
Demolition on the building has already started and the structure is already down to just the support beams. The demo company, MRD Group, told Spectrum News 1 they are on schedule and expect it will be done by the end of the year.