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Message
My personal flood situation regarding losing uninsured personal property
Posted on 8/21/16 at 4:45 pm
Posted on 8/21/16 at 4:45 pm
1) We are living in a small rental house while we build a home. Therefore all of our belongings (80%) were in a storage unit that flooded. This includes everything from furniture, appliances, kitchenware, baby stuff (planning to have another soon), clothing, personal belongings, etc. Been itemizing for days but we are up to 35K and I still have a long ways to go. We had insurance on contents in storage unit, but of course flooding isn't included.
2) House we are building, which we are in about 25K, flooded. That includes dirt work, plumbing, foundation, footings, etc. Builder says it was wrecked by the currents, and we are basically out that amount.
3) Said new home is builder financed, therefore any additional costs will be ours in the end. His builder's risk insurance didn't include flood.
4) Called FEMA in hopes there was anything we could get in aid. After the part regarding income, they told me we would only be eligible for loan.
Do I basically take the hit and hope to God family and friends let us borrow things we will need? Do I take out a small loan before closing on our house? That makes me nervous because I don't want a loan to somehow change our lending situation, despite having good credit and debt/income ratio.
What are my options? I feel like the obvious answer is "you're screwed" but hoping something I am missing. I've also been told we could write off the losses on taxes so that perhaps we can at least break even on taxes, or maybe get a refund?
TIA.
2) House we are building, which we are in about 25K, flooded. That includes dirt work, plumbing, foundation, footings, etc. Builder says it was wrecked by the currents, and we are basically out that amount.
3) Said new home is builder financed, therefore any additional costs will be ours in the end. His builder's risk insurance didn't include flood.
4) Called FEMA in hopes there was anything we could get in aid. After the part regarding income, they told me we would only be eligible for loan.
Do I basically take the hit and hope to God family and friends let us borrow things we will need? Do I take out a small loan before closing on our house? That makes me nervous because I don't want a loan to somehow change our lending situation, despite having good credit and debt/income ratio.
What are my options? I feel like the obvious answer is "you're screwed" but hoping something I am missing. I've also been told we could write off the losses on taxes so that perhaps we can at least break even on taxes, or maybe get a refund?
TIA.
10
Posted on 8/21/16 at 4:59 pm to tigerbandpiccolo
quote:
Do I take out a small loan before closing on our house? That makes me nervous because I don't want a loan to somehow change our lending situation, despite having good credit and debt/income ratio.
Talk to your loan officer he can get the loan reviewed with the additional payment before you actually get the loan to make sure you are good.
Posted on 8/21/16 at 5:31 pm to tigerbandpiccolo
Who currently owns the lot where you are building?
Posted on 8/21/16 at 5:39 pm to tigerbandpiccolo
quote:
2) House we are building, which we are in about 25K, flooded. That includes dirt work, plumbing, foundation, footings, etc. Builder says it was wrecked by the currents, and we are basically out that amount.
3) Said new home is builder financed, therefore any additional costs will be ours in the end. His builder's risk insurance didn't include flood.
I'm not so sure about this...
Posted on 8/21/16 at 5:45 pm to tigerbandpiccolo
quote:
His builder's risk insurance didn't include flood.
Well the question is who is responsible for the improvements he made to the lot. The fact that he didn't have insurance to cover it is irrelevant.
Also, like Vette, I'd question the footings etc being damaged.
This post was edited on 8/21/16 at 5:47 pm
Posted on 8/21/16 at 6:02 pm to VetteGuy
What are you questioning? What was damaged?
Some of the footings were lifted out and much of the stuff was across the street in the woods. The water was about 3 ft over the lot and the current was very strong. Regardless of that, I do wonder if it's on my builder to handle the additional costs.
Some of the footings were lifted out and much of the stuff was across the street in the woods. The water was about 3 ft over the lot and the current was very strong. Regardless of that, I do wonder if it's on my builder to handle the additional costs.
Posted on 8/21/16 at 6:03 pm to MikeBRLA
THe lot is in the builder's name, he owns it. We decided to do builder financing as we just felt it would be so much easier. Turns out it's really not.
Posted on 8/21/16 at 6:04 pm to tigerbandpiccolo
quote:
Do I basically take the hit and hope to God
2016
Posted on 8/21/16 at 6:06 pm to rocket31
Dude. Seriously?
We are having another baby soon and I don't really feel like buying every single thing or letting people buy that stuff for us again, hence me saying I hope we are able to just borrow. Not sure what's so obtuse about that.
We are having another baby soon and I don't really feel like buying every single thing or letting people buy that stuff for us again, hence me saying I hope we are able to just borrow. Not sure what's so obtuse about that.
This post was edited on 8/21/16 at 6:07 pm
Posted on 8/21/16 at 6:07 pm to tigerbandpiccolo
quote:
Regardless of that, I do wonder if it's on my builder to handle the additional costs.
Yes, that's what I meant.
Not sure why you would have to pay for that...
If it burned down, his insurance would cover it, right?
Sounds like he was under-insured.
Posted on 8/21/16 at 6:08 pm to tigerbandpiccolo
good luck i actually know a lot of people have donated baby clothing to the situation. not sure where it all will be allocated, however
Posted on 8/21/16 at 6:09 pm to tigerbandpiccolo
How much of your money does the builder have?
Too much to walk away and let it be his problem?
Do you still want to build there knowing it floods?
Too much to walk away and let it be his problem?
Do you still want to build there knowing it floods?
Posted on 8/21/16 at 6:10 pm to VetteGuy
You're right. Gonna have a conversation about that tomorrow.
We weren't in a flood plain and based on the other builder's in the neighborhood, sounds like they were all "under insured."
We weren't in a flood plain and based on the other builder's in the neighborhood, sounds like they were all "under insured."
Posted on 8/21/16 at 6:10 pm to rocket31
Thanks for your useful post. You can't resist mouthing off.
Non-believers are more annoying than believers. I didn't see one damn Atheist Church providing aid out there, but I saw tons of churches helping people.
Sorry, I'm not one of those nice Christians.
Non-believers are more annoying than believers. I didn't see one damn Atheist Church providing aid out there, but I saw tons of churches helping people.
Sorry, I'm not one of those nice Christians.
Posted on 8/21/16 at 6:11 pm to VetteGuy
i know plenty of atheists who volunteered their time to the flood relief dumbass - i was one of them
*there is no such thing as atheist church, its not a religion. my lord
*there is no such thing as atheist church, its not a religion. my lord
This post was edited on 8/21/16 at 6:12 pm
Posted on 8/21/16 at 6:11 pm to yellowfin
He has over 60k. We aren't balling in a way where we could just walk away from that.
Very few places in BR didn't flood.
Very few places in BR didn't flood.
This post was edited on 8/22/16 at 5:20 am
Posted on 8/21/16 at 6:12 pm to tigerbandpiccolo
Yeah, TBP, I'm no lawyer and it sounds like you need one.
I mean, him just saying it's your problem sounds like BS to me.
I mean, him just saying it's your problem sounds like BS to me.
Posted on 8/21/16 at 6:12 pm to rocket31
IDGAF.
Posted on 8/21/16 at 6:15 pm to tigerbandpiccolo
I'd at least have an attorney look over your contract with the builder
Posted on 8/21/16 at 6:18 pm to yellowfin
Got it.
And as far as my property in storage...damaged losses-write off on taxes?
And as far as my property in storage...damaged losses-write off on taxes?
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