Flood Insurance Spurs Real Estate Problems

Foxrac said:
Did you see my questions in #14?
Click to expand...
Sorry, lost my place.

Once any government agency (including FEMA) finds a source of revenue (insurance increase) they aren't going to give it up.

I have sympathy for the losses incurred by people living beachfront and islands but I think there should be a limitation to subsidizing those houses that are in obviously risky areas. I'm especially bothered by wealthy people owning vacation homes on the water who repeatedly get subsidized help.
 
Who actually decides the area of the flood zone? You already shelled out for the elevation certificate(ouch) so that is out of the way it seems like a good time to file something somewhere requesting a variance.

Did the survey identify the exact portion of your land that is in the flood zone? I wonder if some kind of flood mitigation there would give you a break on the flood insurance.
An earth bulwark or the like that would be like landscaping. I gathered from what you said the house itself is not even in the flood zone.

Mortgage holders are probably forced to carry the insurance? I am seeing by the language on the forms I am being sent that I may end up being forced to fund flood insurance even if my place is paid for. I have put in hundreds of yards of fill material, rock walls, and flood mitigation along the creek just because I am that way. I do not see that all that will help when the time to take my money comes. I have not responded in any way to these demand forms and their deadlines. I doubt that anyone in my neighborhood has either.
 
Reba, that's most unfortunate news. It is too bad the people who really are in flood plains and the beaches, two places where it is really stupid to build don't pay for the privilege.........

Off topic, I just left another forum where a bunch of deafies met up for lunch today at a place called Big's in McBee, SC......is that close to you?
 
Reba said:
Sorry, lost my place.

Once any government agency (including FEMA) finds a source of revenue (insurance increase) they aren't going to give it up.

I have sympathy for the losses incurred by people living beachfront and islands but I think there should be a limitation to subsidizing those houses that are in obviously risky areas. I'm especially bothered by wealthy people owning vacation homes on the water who repeatedly get subsidized help.
Click to expand...

Oh wow, I have same feeling.

It looks like qualify for subsidies should limited to low to middle class, so I know many wealthy people could afford to buy flood insurance without subsidies.

For your area, it looks like need re-elevation and could you get court to involvement? It seems like FEMA map isn't accurate.
 
I feel your pain. I just got the mail today and we got our 3 year house appraisal from the Dept of Assessments and Taxation. *gulp* Our house value dropped another $40K and now we are $120K underwater on our mortgage. I feel really sick to my stomach now. We bought it in 2007 and now minus over $100K on our loan. Now, I am searching the Internet for options on what we can do.
 
shel90 said:
I feel your pain. I just got the mail today and we got our 3 year house appraisal from the Dept of Assessments and Taxation. *gulp* Our house value dropped another $40K and now we are $120K underwater on our mortgage. I feel really sick to my stomach now. We bought it in 2007 and now minus over $100K on our loan. Now, I am searching the Internet for options on what we can do.
Click to expand...

Could you look for refinance?
 
Foxrac said:
Could you look for refinance?
Click to expand...

They wont refinance if we owe that much more than what is it worth now. We are looking at this home loan program that was passed 3 years ago to help people with this problem. Hopefully, we will qualify.
 
Tousi said:
Reba, that's most unfortunate news. It is too bad the people who really are in flood plains and the beaches, two places where it is really stupid to build don't pay for the privilege.........

Off topic, I just left another forum where a bunch of deafies met up for lunch today at a place called Big's in McBee, SC......is that close to you?
Click to expand...
McBee is 133 miles north of me. Not close enough for lunch. :)
 
shel90 said:
I feel your pain. I just got the mail today and we got our 3 year house appraisal from the Dept of Assessments and Taxation. *gulp* Our house value dropped another $40K and now we are $120K underwater on our mortgage. I feel really sick to my stomach now. We bought it in 2007 and now minus over $100K on our loan. Now, I am searching the Internet for options on what we can do.
Click to expand...
Ouch! Have you checked the HARP?

FAQs
 
To clarify our situation: The first time we heard of flood insurance was this past spring when the next door neighbor sold her home. The buyer's mortgage company said it was in a flood zone. Survey was done. Flood zone was in the corner of her yard but did not touch the home. So, flood insurance not required.

We redid our mortgage to get the loan percentage cut in half. Almost finished when our new mortgage co. said we were in the zone. I ordered a survey $375. Found out that our whole property along with six others are in a Zone A which requires it. Across the street - nothing. All insurance companies charge the same rate which FEMA sets.

If I challenge it. There is a fee. There is a possibility that the zone may change to a higher rate. Let sleeping dogs lie.

Every time I look at my two story home floor, 1 1/2 feet above the neighbor who does not need it, I feel my blood pressure change.

But I need to look on the bright side. The neighbor will flood first (single story) (if the 100 year flood does ever come) :)
 
Oh wow, I'm concerned about flood insurance and flood zone because my parent will move to Florida in few years, specifically in Tampa metro due to job opportunities for my mother but my father will be retired.
 
Update:

We didn't get any relief from our flood insurance but we found out from our tax man that we will be credited for it on our SC state income tax. That helps a little bit to reduce our state tax bill.
 
Back
Top