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Message
Disaster Loan Question
Posted on 10/19/15 at 11:11 am
Posted on 10/19/15 at 11:11 am
I got hit pretty hard with the recent flooding in South Carolina...
Pretty hard being relative obviously, I still have my home, but didn't have flood insurance as I am not in a flood plain.
I am considering legal action as my issues resulted from an inadequate storm sewer of which I had the DOT and County aware of in June.
All that being said, I have about $20k worth of damage on my property. In order to not break me for the time being, I will probably get a HELOC to take care of the damages. I am also eligible for a SBA Loan, but reading the fine print, it looks like I would be eligible for an 8% rate as I am able to qualify for other financing (4% if you can't secure financing). My question is, is there a chance those SBA loans are forgiven? Wasn't that the case with Katrina? Am I better off just getting a bank loan?
Pretty hard being relative obviously, I still have my home, but didn't have flood insurance as I am not in a flood plain.
I am considering legal action as my issues resulted from an inadequate storm sewer of which I had the DOT and County aware of in June.
All that being said, I have about $20k worth of damage on my property. In order to not break me for the time being, I will probably get a HELOC to take care of the damages. I am also eligible for a SBA Loan, but reading the fine print, it looks like I would be eligible for an 8% rate as I am able to qualify for other financing (4% if you can't secure financing). My question is, is there a chance those SBA loans are forgiven? Wasn't that the case with Katrina? Am I better off just getting a bank loan?
This post was edited on 10/19/15 at 11:21 am
2
Posted on 10/19/15 at 12:26 pm to CidCock
quote:
I got hit pretty hard with the recent flooding in South Carolina...
Sorry to hear that. Sadly we are all too familiar with flooding.
quote:
I am considering legal action as my issues resulted from an inadequate storm sewer of which I had the DOT and County aware of in June.
Good luck, but I would not hang your hat on this. A lot of people flooded in Katrina due to faulty government levee construction and 10 years later, still no hope of any meaningful payments despite lawsuits.
quote:
My question is, is there a chance those SBA loans are forgiven? Wasn't that the case with Katrina? Am I better off just getting a bank loan?
I'm not aware of any individual SBA loans from Katrina getting forgiven (unless it was just a normal mortgage forgiveness after not paying or whatever). A lot of federal loans to local governments have been forgiven, and some grants for Road Home stuff have had their repayment requirement waived (because the terms were not met, technically, the grants could have been forced to be repaid).
Posted on 10/19/15 at 1:05 pm to CidCock
Still paying on our Katrina SBA loan and will be for another 21yrs. Think we got 36k at under 2% so the note is only $170/mo.
Posted on 10/19/15 at 1:28 pm to GCTigahs
quote:
Still paying on our Katrina SBA loan and will be for another 21yrs. Think we got 36k at under 2% so the note is only $170/mo
Interesting, thanks, I may go through with the process then.
I was reading 8% and it really wasn't worth it for that. If it's that low...it's worth the time.
Posted on 10/19/15 at 1:35 pm to CidCock
quote:
I was reading 8% and it really wasn't worth it for that. If it's that low...it's worth the time.
I don't know how they set the rates or if they change, but I know a ton of people with Katrina SBA loans that are sub 2 percent.
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