We have all heard the statistics and numbers by now. We are aware that there are +20,000 displaced from their homes, mass devastation, and so very many losses. As the cleanup starts and folks start to begin the process of putting their lives back together, there are many practical issues that crop up. For example, how does an individual or family handle the large financial burden of living elsewhere while restoring their home? We are honored to have Tracy West, a wholesale mortgage broker with over 18 years of experience, share her top tips for flood victims who are seeking some relief from their mortgage during this time of rebuilding.
Tips for Handling Your Mortgage in a Flood or Disaster
During National Disasters, mortgage deferments may be available if you are a victim.
Here is what you need to know about your mortgage:
- You may qualify for DEFERRED mortgage payments for a national disaster area. Each mortgage company may have different guidelines. Contact your mortgage company to apply ASAP.
- If you have been approved for a mortgage deferment, always get the terms in writing for your records.
- An approved deferment will report to the credit bureaus as such but should not count against your scores. Make sure to understand the length of time the deferment has been granted. For a natural disaster, the mortgage may be deferred up to 6 months on a case by case basis.
Top tips for flood victims during clean up:
- File insurance claims with home owners, flood, FEMA, auto (if auto was damaged). If you are a flood victim and do not have flood insurance, apply for FEMA help at www.disasterassistance.gov.
- Take pictures of everything from every angle. Take pictures as you remove wet carpet, wood, drywall, and insulation. Take pictures of it piled beside the road. Document the amount of time it takes to clean up. Clean up is time sensitive, as you want to remove all wet from the home as soon as possible.
- Take direction from your insurance agent.
- Save receipts for any expenses resulting from the flood.
Other Helpful Posts For Victims of Flood and Other Natural Disasters
About Tracy West
I’m Tracy West with Essential Mortgage, a wholesale mortgage broker. I have about 18 years of experience in the mortgage lending industry. I’m a member of our local, state, and national mortgage lenders associations, the Baton Rouge Board of Realtors, and a sponsor of Young Professional Network. I have a degree in Education from LSU and taught school in Baton Rouge for 12 years. I was recognized as a 2015 top loan originator in the nation by National Mortgage News and so grateful for my wonderful Realtors and Clients in the Baton Rouge, Ascension, Livingston, Central, and West Baton Rouge markets.