Posted on: 22nd Oct, 2009 07:00 pm
Advice on how to handle my mortgage company so they will allow me not to have to pay my monthly payment while we are displaced from our home after a flood. Our home had 6 1/2 feet of water, which destroyed all of the down stairs and the basement. We need to pay rent now until we can rebuild. FEMA did not give enough money ($30,300) to repair so we need to take the SBA loan to do it. We want to rebuild but things might not be worth it if we can't get some relieve from our mortgage.
Hi Soignet,
I do understand how difficult this situation must have been for you. I wish things change for good in the coming few months and pray to God that He gives you enough strength to overcome these difficulties.
As far as the loan is concerned, you can definitely go for SBA disaster assistance loans to repair the property and restore it back to a livable condition. These loans come with low interest rates. So, it is definitely going to help you a lot in getting your property back to its previous condition. You need to talk with your lender regarding your current mortgage. Most of the lenders would want to do some sort of adjustments to help you reduce the burden of the mortgage payments under these circumstances. They may modify the terms of the loan to lower your payments. They may also do a forbearance allowing you to stay in your property for a certain period of time without paying the mortgage. Thus, you should first talk with your lender and see what kind of assistance they are ready to provide you in this situation.
I do understand how difficult this situation must have been for you. I wish things change for good in the coming few months and pray to God that He gives you enough strength to overcome these difficulties.
As far as the loan is concerned, you can definitely go for SBA disaster assistance loans to repair the property and restore it back to a livable condition. These loans come with low interest rates. So, it is definitely going to help you a lot in getting your property back to its previous condition. You need to talk with your lender regarding your current mortgage. Most of the lenders would want to do some sort of adjustments to help you reduce the burden of the mortgage payments under these circumstances. They may modify the terms of the loan to lower your payments. They may also do a forbearance allowing you to stay in your property for a certain period of time without paying the mortgage. Thus, you should first talk with your lender and see what kind of assistance they are ready to provide you in this situation.
You're obligated to pay the Note, regardless of the condition your house is in - so Homeowner's Insurance provides benefits when that happens. If I were you, I'd contact the Lender, explain the situation, and make the request - but they're probably going to say "no".
My Homeowner's Insurance Policy pays me for an extended Hotel Stay and Car while my house is being rebuilt due to fire, flood or earthquake. Ask your Agent if you're covered in those areas too.
My Homeowner's Insurance Policy pays me for an extended Hotel Stay and Car while my house is being rebuilt due to fire, flood or earthquake. Ask your Agent if you're covered in those areas too.
