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Any benefit to not accepting FEMA money?
Posted on 8/25/16 at 2:29 pm
Posted on 8/25/16 at 2:29 pm
Let's say you received minor damage due to the flooding and you can afford to make the repairs yourself. Would it be beneficial for future resale value to refuse a FEMA inspection and just withdraw the application?
Does accepting FEMA aid flag your property as flood damaged?
Does accepting FEMA aid flag your property as flood damaged?
3
Posted on 8/25/16 at 2:30 pm to WhoGeaux
quote:
Does accepting FEMA aid flag your property as flood damaged?
You would have to disclose that the property was flood damaged regardless of you accepting FEMA money.
Posted on 8/25/16 at 2:50 pm to iAmBatman
Do you have to disclose damage if there was no standing water? The damage we are talking about is isolated to one bedroom where moisture was able to seep in and swell laminate flooring.
Posted on 8/25/16 at 3:01 pm to WhoGeaux
quote:Being able to sleep at night.
Any benefit to not accepting FEMA money?
Posted on 8/25/16 at 3:27 pm to Spirit of Dunson
Property disclosure form has specific questions such as...
(31) Has there been property damage related to the land or the improvements thereon, including, but not limited to, fire,
windstorm, flood, hail, lightning, or other property damage?
(31) Has there been property damage related to the land or the improvements thereon, including, but not limited to, fire,
windstorm, flood, hail, lightning, or other property damage?
Posted on 8/25/16 at 3:39 pm to WhoGeaux
As others have said, you must disclose the damage regardless of taking FEMA money. If you don't need the cash, don't file. Why would you want gov't money with its many strings attached if you don't need it?
Posted on 8/25/16 at 4:02 pm to hungryone
quote:
Why would you want gov't money with its many strings attached if you don't need it?
I understand what you're saying. The only reason that I would even consider it is because the amount of tax that they make me dish out every year.
Posted on 8/25/16 at 8:42 pm to WhoGeaux
You have to disclose even the minor flooding. Would you want to buy a house where the owner didn't disclose what you just described?
Posted on 8/27/16 at 8:17 am to ProudLSUMom
Accepting the FEMA assistance related to property damaged associated with flooding will typically require you to maintain flood insurance on the property in perpetuity along with agreeing to a permanent deed restriction requiring the same for any subsequent buyer.
The disclosure requirement has been discussed already.
Don't freak out about the Flood Insurance Requirement. You will more than likely remain in whatever zone you were in previously (X-zone for example). Which makes the insurance much more palatable (think a few hundred dollars annually) and won't add to the annual cost of home ownership in large measure.
The disclosure requirement has been discussed already.
Don't freak out about the Flood Insurance Requirement. You will more than likely remain in whatever zone you were in previously (X-zone for example). Which makes the insurance much more palatable (think a few hundred dollars annually) and won't add to the annual cost of home ownership in large measure.
Posted on 8/27/16 at 8:20 am to GFunk
Isn't the FEMA assistance in the form of a loan?
Posted on 8/27/16 at 8:44 am to ItzMe1972
Yes. Your FEMA inspection and claim puts you in the pipeline for a low interest SBA loan, the application packet for said loan comes in the mail 10 days later.
Posted on 8/27/16 at 8:52 am to ItzMe1972
No. Many people are or will be offered a grant, which is not a loan. Folks who are denied a grant will be told about SBA Loan opportunities. In many instances, an Appeal process will get a grant opportunity if pursued. My advice is appeal appeal appeal.
But you'll be required to apply for SBA in order to appeal in those instances. But applying for the loan does not require you to accept it. They just want you to be in the pipeline and of course the FedGov would rather you pay them back over the alternative.
But no, FEMA aid does not always come in the form of a loan. Shelter at Home will be subsidized by the FedGov and be independent of any other FEMA aid homeowners in impacted areas may receive.
But you'll be required to apply for SBA in order to appeal in those instances. But applying for the loan does not require you to accept it. They just want you to be in the pipeline and of course the FedGov would rather you pay them back over the alternative.
But no, FEMA aid does not always come in the form of a loan. Shelter at Home will be subsidized by the FedGov and be independent of any other FEMA aid homeowners in impacted areas may receive.
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