Hurricanes, Flooding and Insurance; Oh My... | Equity Prime Mortgage
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Protect What's Yours

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Posted by Allison Staples on Sep 27, 2017

Protect What's Yours

 

By now, everyone knows the devastating effect of Hurricane Harvey on Houston, TX.  Over 80 percent of homeowners have no flood insurance. Of the homeowners who do have flood insurance, the small amounts of money won't be enough to completely rebuild their homes. The federal flood insurance is overdrawn by billions of dollars. However, President Trump has promised swift aid to those in dire need in the flooding. The question of what to do if you don't have flood insurance after Hurricane Harvey boils down to which agencies to apply for relief. We're certainly glad we can help first time homeowners with hurricane and flooding questions.

 

Those Promising Mortgage Relief are Stepping Up to the Plate

 

Houston homeowners have had a small load taken off them. Backers of mortgage holder such as Freddie Mac, Fannie Mae and the Federal Housing Administration are offering Houston homeowners 90 day forgiveness of their mortgages, and the forgiveness may stretch to a year. Homeowners should remember, though, that that's just the principle; the interest is another matter, and keeps accruing. Please take this opportunity to fill out our website application form. Additionally, the IRS is offering Houston businesses and any individuals until January 1, 2018 to file necessary tax extensions. With that off their minds, Houston homeowners may now search for help rebuilding their homes and their lives.

 

A Little Warning about Relief Funds and Repayment

 

Wait, this is disaster relief. Why should it be repaid? The government to whom disaster victims apply for relief offers loans. These are often small, insufficient to cover all the repairs that will be needed, and may take many years to repay. Homeowners without the means to repay the loans should take into account that the government is literally all there is when a disaster strikes. Even the flood insurance is run by the government. It's the only entity with the money to bail everyone out.

 

Texas Offers Homeowners Help from Within

 

Rebuilding Together Houston is an organization helping low income and veteran homeowners to rebuild and repair their homes. Volunteers staff the organization. Any revenues they earn are put back into the homes they repair. Their office is located at 104 N. Greenwood, Suite 100, Houston, TX, 77011 713-659-2511.

 

Federal Sources of Disaster Aid

 

The Department of Housing and Urban Development or HUD doesn't have actual cash to give homeowners for disaster relief. What it does is rearrange where the funds go. For example, homeowners and low income renters will be able to apply for mortgage insurance and renter's insurance. Foreclosure relief and mortgage relief will be available. Please check out the information on our website and fill in the application form. Insurance and loan guarantees for rebuilding and rehabilitating will be available to homeowners.

 

In the federal disaster department, FEMA does not actually disburse moneys. It tells disaster victims to apply to the Small Business Administration, who does. Remember that these are loans, and must be repaid. Rental funds for temporary housing and grants for things like replacing personal belongings as well as making a structure safe and sanitary will be available. Application may be made here.

 

The National Flood Insurance Program of NFIP is the federal department dealing with flood insurance. Those with the insurance can apply for immediate disbursement of funds to help with rebuilding. The program can be accessed here.

 

Private disaster relief organizations geared up and headed for Texas. Samaritan's Purse is one of them. They are one of the first in the air or on the ground (behind the Red Cross) with volunteers and supplies. They often remain behind to help rebuild the homes of the needy. They can be reached at P. O. Box 3000, Boone, N.C. 28607 828-262-1980.

 

Frequently, churches and civic organizations can help when no one else can. Nor do the churches require anyone they help to attend services unless the victims prefer to attend. A list of such organizations and churches may be found here.

When the mind and body are in shock following a disaster, it's hard to know where to turn. Alternatively, there are so many reaching out to disaster victims, that all victims need do is take the hands. We hope this list of disaster relief organizations helps.

 

 #protectwhatsyours #insurance #help #harvey

 

 

 

 

 

 

 

 

 

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