Asked by Mr Anonymity, Missoula, MT • Tue Jun 18, 2013
I'm selling a house without an agent to my neighbor who is paying mostly cash. (financing about 20%). It is in a 100 yr flood plain.
We are under-water on the mortgage & are paying the maximum possible ($250k policy) for flood insurance which comes to about $4200 a year as required by our mortgage company - BAC. We have no escrow account - self managed escrow.
My insurance company often forgets to send in our yearly proof of flood insurance & it usually takes BAC about 45 days to get annoyed & threaten to purchase insurance at a premium without our consent. We just paid our flood insurance & when we close in 60 days, we should get a refund of about $3000. We could really use that $3000 at closing. Is there any chance this could cause an issue for the buyers or for me paying off the loan if we drop flood insurance?
Please, no lectures about the possibility of flooding etc. Not something I'm worried about & you don't want to get me ranting about FEMA & what a joke they are. :)
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