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Respected Contributor
Posts: 4,517
Registered: ‎04-04-2015

Re: So I have been pondering about life after Harvey


@croemer wrote:

 I may be off base... but maybe it should be a requirement we all have flood insurance if we own a home?


I've always wondered about that.  You have to pay for health insurance that includes all kinds of things you will never need, so why not the same with flood insurance?  Using the same logic, it would help offset the costs when we have devestation like this as well.

Honored Contributor
Posts: 13,017
Registered: ‎03-09-2010

Re: So I have been pondering about life after Harvey

[ Edited ]

@goldensrbest wrote:

I have been thinking of this also , what will happen to the loans on cars, homes  will they still have to pay?


 

@goldensrbestYes, of course they will. A loan is a loan.  Loan and mortgage lenders can't just write that all off. 

 

Bankruptcy is an option but that will negatively affect your credit for years and years. 


Why is it, when I have a 50/50 guess at something, I'm always 100% wrong?
Honored Contributor
Posts: 26,549
Registered: ‎12-17-2012

Re: So I have been pondering about life after Harvey

FEMA will give you a small amount to get you started in your "new" life.  They will also assist in getting you a small business loan if you chose to rebuild. 

 

Once you have the loan approved and started rebuilding, they will issue you a starter check after you send in every reciept for the rebuild.  When this is done, they will issue another check.  All the money has to be for the rebuild. 

 

We still had the mortgage and now a loan on our almost paid for home.  We lived in a camper in the front yard and watched out for the rest of the neighborhood.  Some came back, some did not.  A lot of the homes were gutted and completely rebuilt.  Some were leveled.  Some were sold (as is) and bought cheaply.  Those were "fixed" and are now rented out.

 

Thankfully, we were able to get us and our vehicles out, but many of our neighbors couldn't.  They did have to finish paying off their cars (some with ins. money) and purchase new ones.

 

My heart breaks for all because the worst of it will just be starting.  Reality is a B and it will hurt them deeply for a very long time.

 

We didn't have flood ins. because we were in a 100-500 yr. zone and the Ins. rep wouldn't sell it to us.  We had to provide a letter from them proving it.  Now it's mandatory. 

Fate whispers to her, "You cannot withstand the storm." She whispers back, "I am the storm."

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Posts: 4,627
Registered: ‎03-10-2010

Re: So I have been pondering about life after Harvey


@Skyegirl21 wrote:

 

I cant believe the urban planners / civil engineers in that low- lying area did such a dismal  job in their planning- building everywhere in flood- plains. Do they even look at topographical maps??  So tragically sad. 


 

They knew the risks of developing the flood areas. A journalist wrote a series of articles about it more than a year ago. Such flooding was anticipated, they knew it would happen eventually. I read the articles online last week after seeing the writer on TV, but I can't find them now. It sounds like they are planning on redeveloping the same areas, which means it will happen all over again someday.

 

To put things in perspective, only 10% of the structures in the county were damaged, about 160,000 homes. It's devastating to those who were harmed, but most came through it ok. For those who were harmed, yes, figuring out how to restart with home, car, job, etc., is daunting.

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Re: So I have been pondering about life after Harvey


@missy1 wrote:

How if your house was paid off or almost with no flood insurance?

 

 

I can't imagine.

 

I would get all the help I could. Many people probably don't have their SS cards or birth certificates to file for  welfare etc.

 

I would try to stay with friends/family.  I would then file a BK and start all over. (If I had huge debt)

 

Ask the people from katrina or Sandy how they recovered.


 

 

Exactly, for younger people.    But for older folks,, retirees, they  never recover and often their lives are shortened due to the stress.

Respected Contributor
Posts: 4,003
Registered: ‎03-09-2010

Re: So I have been pondering about life after Harvey

Why do so many keep saying you lose your job?  You keep your job and, thankfully where I am and I'm sure many others, your job actually helps you get through it all.  People are very helpful in this city.  Kudos to the out-of-town and out-of-state volunteers who just showed up and started helping.  It's been an amazing display of love and kindness.

Honored Contributor
Posts: 8,179
Registered: ‎03-10-2010

Re: So I have been pondering about life after Harvey

[ Edited ]

@gidgetgh wrote:

@goldensrbest wrote:

I have been thinking of this also , what will happen to the loans on cars, homes  will they still have to pay?


 

@goldensrbestYes, of course they will. A loan is a loan.  Loan and mortgage lenders can't just write that all off. 

 

Bankruptcy is an option but that will negatively affect your credit for years and years. 


 

 

It's actually better to file a BK (wipe the debt), then to have no payments or those credit counselling services getting involved. It's easy to obtain an unsecured credit card after about a year  (high interest rate), and then one usually re-establishes credit again. CC companies know you can't file for another 8 years.

Regular Contributor
Posts: 184
Registered: ‎09-29-2010

Re: So I have been pondering about life after Harvey

We have lived this since Katrina. Some of you may remember my posting about my daughter and her family. There are still so many misconceptions re: getting a new life put together. My daughter can't move as her DH is in the military and stationed in New Orleans. You pay your mortgage even if you have no home. You find a new job and start over. She is a PT and many hospitals and nursing homes have closed down. She is still $40,000 in debt. You need sheets, towels, clothing, furniture, dishes, you name it. We were also hit but had better flood insurance, were retired and could do a lot of the work ourselves. There was no food in the grocery stores, bugs invaded, power was intermitent, no mail , or phone service. You can't imagine how difficult it is to start over. I feel so badly for Houston. I am crying a lot lately. I think its a form of PTSD.

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Posts: 3,605
Registered: ‎07-11-2010

Re: So I have been pondering about life after Harvey

@corismom1...I am so sorry. My heart goes out to you and your family. Smiley Sad

I promise to remind myself every day that I am strong, courageous, and resilient.
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Registered: ‎04-30-2012

Re: So I have been pondering about life after Harvey

They saying 87%  do not have flood insurance so I am guessng the goverment will be paying. Bankruptsies all over