Comments on: House #12: Flood Zone! http://www.123flip.com/house-12-flood-zone Education for the Serious House Flipper Fri, 10 Feb 2012 04:32:24 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: J Scott http://www.123flip.com/house-12-flood-zone/comment-page-1#comment-6086 J Scott Mon, 18 Jul 2011 01:51:12 +0000 http://www.123flip.com/?p=1051#comment-6086 Hi Helen, The first thing you should do is talk to a local surveyor in your area. He should be able to tell you exactly what you need to do, but most likely it will be a two step process: 1. You'll have to get an elevation certificate, which is a special type of survey that tells you the exact height of various points of your property. This will tell the surveyor if your house should or shouldn't be in a flood plain; 2. If the house shouldn't be in a flood plain, the surveyor can submit the elevation certificate, along with some paperwork (Letter of Map Amendment, or LOMA) to FEMA and hopefully they will move you out of the flood plain. The total cost could be around $600-700, but again, speak with a surveyor to be sure. Hi Helen,

The first thing you should do is talk to a local surveyor in your area. He should be able to tell you exactly what you need to do, but most likely it will be a two step process:

1. You’ll have to get an elevation certificate, which is a special type of survey that tells you the exact height of various points of your property. This will tell the surveyor if your house should or shouldn’t be in a flood plain;

2. If the house shouldn’t be in a flood plain, the surveyor can submit the elevation certificate, along with some paperwork (Letter of Map Amendment, or LOMA) to FEMA and hopefully they will move you out of the flood plain.

The total cost could be around $600-700, but again, speak with a surveyor to be sure.

]]> By: Helen Harris http://www.123flip.com/house-12-flood-zone/comment-page-1#comment-6085 Helen Harris Sun, 17 Jul 2011 21:51:35 +0000 http://www.123flip.com/?p=1051#comment-6085 Sorry I do not have a sebsite, but what I would like to know if someone can tell me who to get in touch with concerning false information that was given to my family home. It was told to us we were in a flood area but we are not, we are above what used to be a floor area before the lock and dam were installed in close proximity of our home. If we were in a floor zone my guess is all of Mississippi is in one. Please tell me who I can talk to so this can be straighten out. Sorry I do not have a sebsite, but what I would like to know if someone can tell me who to get in touch with concerning false information that was given to my family home. It was told to us we were in a flood area but we are not, we are above what used to be a floor area before the lock and dam were installed in close proximity of our home. If we were in a floor zone my guess is all of Mississippi is in one. Please tell me who I can talk to so this can be straighten out.

]]> By: ryan http://www.123flip.com/house-12-flood-zone/comment-page-1#comment-4918 ryan Sat, 22 Jan 2011 05:12:26 +0000 http://www.123flip.com/?p=1051#comment-4918 ok, thanx for taking the time to help out!! ok, thanx for taking the time to help out!!

]]> By: J Scott http://www.123flip.com/house-12-flood-zone/comment-page-1#comment-4917 J Scott Sat, 22 Jan 2011 05:02:03 +0000 http://www.123flip.com/?p=1051#comment-4917 Ryan - First, from my understanding, if any portion of the structure sits within the flood plain, FEMA is unlikely to remove the property from the flood zone. And in this case, it sounds like part of the structure (though not the living area) is in a flood plain. I had the same situation with one of my houses...and FEMA wouldn't remove it. As for the new mortgage company requiring additional insurance, this seems weird to me. I'm not saying that it's not on the up-and-up (I don't know how these things work), but for a company to buy your own and then put new restrictions on it seems a little weird. I would read through your original loan docs and see if there is anything about the mortgage company (or a new mortgage company) being allowed to imposed new insurance restrictions on you. If not, you may want to speak with an attorney to fight this. Unfortunately, though, I don't know offhand if that's allowable or not... Ryan -

First, from my understanding, if any portion of the structure sits within the flood plain, FEMA is unlikely to remove the property from the flood zone. And in this case, it sounds like part of the structure (though not the living area) is in a flood plain. I had the same situation with one of my houses…and FEMA wouldn’t remove it.

As for the new mortgage company requiring additional insurance, this seems weird to me. I’m not saying that it’s not on the up-and-up (I don’t know how these things work), but for a company to buy your own and then put new restrictions on it seems a little weird. I would read through your original loan docs and see if there is anything about the mortgage company (or a new mortgage company) being allowed to imposed new insurance restrictions on you. If not, you may want to speak with an attorney to fight this.

Unfortunately, though, I don’t know offhand if that’s allowable or not…

]]> By: ryan http://www.123flip.com/house-12-flood-zone/comment-page-1#comment-4916 ryan Sat, 22 Jan 2011 01:21:30 +0000 http://www.123flip.com/?p=1051#comment-4916 hi, just wondering if you would know anything about my situation. my whole property is in the AE flood zone, the flood elev. level is 329', the property sits at 327' but the top of the bottom floor sits at 329.8'. my mortgage was sold to a new co. and they are making me increase flood coverage and the coverage they are wanting me to increase to will make my payment around $1600 a year rather than $900 and thats a big difference for my house payment now. is there any way to get FEMA or the NFIP to take my house out of the flood zone or something? what should i try doing to get my rate down? hi, just wondering if you would know anything about my situation. my whole property is in the AE flood zone, the flood elev. level is 329′, the property sits at 327′ but the top of the bottom floor sits at 329.8′. my mortgage was sold to a new co. and they are making me increase flood coverage and the coverage they are wanting me to increase to will make my payment around $1600 a year rather than $900 and thats a big difference for my house payment now. is there any way to get FEMA or the NFIP to take my house out of the flood zone or something? what should i try doing to get my rate down?

]]> By: J Scott http://www.123flip.com/house-12-flood-zone/comment-page-1#comment-4567 J Scott Mon, 20 Dec 2010 22:09:24 +0000 http://www.123flip.com/?p=1051#comment-4567 Hey Scott, My lender in the past (and the broker who I work with for my buyers) all agree that if a property is not a flood plain, there is no requirement for insurance. That said, if your lender has a different requirement, I'm not sure there is much you can do. Hey Scott,

My lender in the past (and the broker who I work with for my buyers) all agree that if a property is not a flood plain, there is no requirement for insurance. That said, if your lender has a different requirement, I’m not sure there is much you can do.

]]> By: Scott http://www.123flip.com/house-12-flood-zone/comment-page-1#comment-4565 Scott Mon, 20 Dec 2010 18:26:14 +0000 http://www.123flip.com/?p=1051#comment-4565 Well, all my paperwork and information is all in a row. I got everything I needed per LOMA application and had everything put on disc. I sent it off to FEMA about 2 weeks ago and still waiting on my LOMA. The surveyor I hired stated that the lowest part of my house is .7 inches above the flood plain. Hopefully that will be enough. The thing that stinks is the fact that my lender can require me to purchase the flood insurance anyways. If that's the case...Then what ? Scott Well, all my paperwork and information is all in a row. I got everything I needed per LOMA application and had everything put on disc. I sent it off to FEMA about 2 weeks ago and still waiting on my LOMA.

The surveyor I hired stated that the lowest part of my house is .7 inches above the flood plain. Hopefully that will be enough. The thing that stinks is the fact that my lender can require me to purchase the flood insurance anyways. If that’s the case…Then what ?

Scott

]]> By: Scott http://www.123flip.com/house-12-flood-zone/comment-page-1#comment-4435 Scott Sun, 21 Nov 2010 15:47:19 +0000 http://www.123flip.com/?p=1051#comment-4435 Thanks again...This info is very helpful and I'm very glad that there doesn't appear to be a fee . I've already shelled out about $700.00 so far and this is all based on a gamble that FEMA will change the map in my favour...and after that, hopefully my lenders will let me off the hook. I' waiting for my LOMA application to show up in the mail at this time...the guy I talked to at FEMA said I need to include a copy of my deed and a copy of my property's tax map along with a copy of the surveyor's info (flood certificate) this whole thing has been such a tremendous pain in the butt...hopefully it'll be done soon ! I'll keep ya posted ! Thanks ! Scott Thanks again…This info is very helpful and I’m very glad that there doesn’t appear to be a fee . I’ve already shelled out about $700.00 so far and this is all based on a gamble that FEMA will change the map in my favour…and after that, hopefully my lenders will let me off the hook.

I’ waiting for my LOMA application to show up in the mail at this time…the guy I talked to at FEMA said I need to include a copy of my deed and a copy of my property’s tax map along with a copy of the surveyor’s info (flood certificate) this whole thing has been such a tremendous pain in the butt…hopefully it’ll be done soon !

I’ll keep ya posted !

Thanks !

Scott

]]> By: J Scott http://www.123flip.com/house-12-flood-zone/comment-page-1#comment-4433 J Scott Sat, 20 Nov 2010 18:04:35 +0000 http://www.123flip.com/?p=1051#comment-4433 Hey Scott, Here is more information: http://www.fema.gov/business/nfip/fhamr.shtm As for cost, here is information: http://www.fema.gov/plan/prevent/fhm/frm_fees.shtm#2 (you probably want a LOMA, which would likely be free) Hey Scott,

Here is more information: http://www.fema.gov/business/nfip/fhamr.shtm

As for cost, here is information: http://www.fema.gov/plan/prevent/fhm/frm_fees.shtm#2 (you probably want a LOMA, which would likely be free)

]]> By: Scott http://www.123flip.com/house-12-flood-zone/comment-page-1#comment-4432 Scott Sat, 20 Nov 2010 17:18:09 +0000 http://www.123flip.com/?p=1051#comment-4432 J Scott, Thanks for the info. Is there a charge for the LOMA, or is that only if FEMA actually does the surveying ? Thanks ! Scott J Scott, Thanks for the info. Is there a charge for the LOMA, or is that only if FEMA actually does the surveying ?

Thanks !

Scott

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