Owners of Waukesha condominiums in the Horizon West Condo building have until September 20 to pay $1 million to demolish their old homes. Deadline owners tell 12 News they come and go with no action taken. “So basically the next week deadline means that if the city wants to, they can take over the property and start the demolition process themselves,” said condo owner Laurel Peterson. Peterson is one of many homeowners who are suing their Travelers Insurance company because they feel they shouldn’t have to pay demolition costs. “That’s why we all think we pay for insurance. You know, we had insurance not just on our individual units, but on the whole building. So we all thought we were covered, but we didn’t. “We didn’t find out until it happened that there was no insurance for an impending building collapse,” Peterson said. The owners are asking travelers for $17 million. Peterson says that a judge has been assigned to the case, but in the meantime, the owners say they won’t be able to come up with a million dollars by September 20. And if the city goes ahead with demolishing the building, the owners fear they’ll be stuck with the bill.” So we would still have to find the funds to pay. And if we don’t have the cash up front, which most of us won’t have, then we’ll have to have like a tax lien set against us as owners. I had only been here two years, so I had over $100,000 left on my mortgage. So there’s a big possibility, depending on what happens with the lawsuit, that I have to file for bankruptcy because I literally have no other choice,” PetersonCity administrator Kevin Lahner told 12 News. if the deadline for the razing order passes, they will need to get a court order to repossess the property, which could take months, they are concerned about the safety of the building as they have had trouble with the squatters.

Owners of Waukesha condominiums in the Horizon West Condo building have until September 20 to pay $1 million to demolish their old homes. Deadline owners tell 12 News they come and go with no action taken.

“So basically the next week deadline means that if the city wants to, they can take over the property and start the demolition process themselves,” said condo owner Laurel Peterson.

Peterson is one of many homeowners who are suing their Travelers Insurance company because they believe they shouldn’t have to pay the demolition costs.

“That’s why we all think we pay for insurance. You know, we had insurance not just on our individual units but on the whole building. So we all thought we were covered, but we didn’t We didn’t find out until it happened that there was no insurance for an impending building collapse,” Peterson said.

The owners are asking travelers for $17 million. Peterson says a judge has been assigned to the case, but in the meantime the owners say they won’t be able to come up with a million dollars by September 20. And if the city goes ahead with tearing down the building, the owners fear they’ll be stuck with the bill.

“So we’ll still have to find the funds to pay it. And if we don’t have the money up front, which most of us won’t have, then we’ll have to have like a tax lien put against us as landlords. I was only here two years, so I had over $100,000 left on my mortgage. So there’s a big possibility, depending on what happens with the lawsuit, that I might have to file for bankruptcy because I literally have no other choice,” Peterson said.

City administrator Kevin Lahner told 12 News that if the deadline for the shaving order passed, they would have to get a court order to repossess the property, which could take months. They are concerned about the security of the building as they have had problems with the squatters.