Foreclosure in 34652>Question Details

Barje, Home Seller in 34653

I have a reverse mortgage on my house and I am short money that I need to pay the Flood insurance with, which the mortgage people forced one me. The

Asked by Barje, 34653 Thu Dec 3, 2009

is 2-story, the whole first floor is garage. The actual house is on the second floor. In my state I only need regular house insurance. Well, the Flood insurance is overdue so the mortgage company said that if I can't show proof that I paid the Flood insurance, they are forcing an insurance on me with a premium of almost $3000. The Flood insurance that I buy from Allstate is $1,152, only payable in one lump sum. Now, if I can't pay the first insurance right now, how can I pay the second, more expensive insurance? They could take my house away from me, then I have to live in the street! Is there someone I could go to, to borrow the money...like a bail bondsman for houses? Where can I find help for this problem?

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3
8 votes Thank Flag Link Tue May 14, 2013
You have an issue at hand that is very unusual. Let me clarify that the only way a lender can require you to have flood insurance is if you live in a flood zone. You can run your address through the county tax appraisers website and if the Fema code is anything other than X or X500 you are in a flood zone. Also your home survey should show this including the elevation for your home. If you are not on a flood zone prove it to the bank with the survey or county records.

Because you have a reverse mortgage I am assuming that you have no escrows with the lender. I will recomend that you speak with Debbie Purvis with Great Florida Insurance of Trinity at 727.376.0558 for advise on isurance on your home.
0 votes Thank Flag Link Fri Dec 4, 2009
You may wish to contact an attorney specializing in real estate and seek some sound advice.

Anna
0 votes Thank Flag Link Thu Dec 3, 2009
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