When Tragedy Brings Brutal Buy-Backs

08/31/2016
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We’re all aware of the flooding in Louisiana and the devastation it brings to it’s residents.  You won’t believe what it’s doing to it’s loan originators as well.  Buy-backs are totally in play for destroyed homes.

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Comments
  • How many homes could be put on stilts with 150 Billion dollars?……Oh wait, we’re giving that money to a country that hates us, never mind.

    FL-MTG-BRKR August 31, 2016 6:06 am Reply
    • This is the information I gathered about the 150 billion dollar comment: Trump was “referring to the amount of previously frozen Iranian assets the deal releases. To be clear, this is money that already belongs to Iran so we’re not “giving” them anything. The $150 billion is a high estimate, and most experts say the real figure is closer to $100 billion, while Iran is probably only able to access a fraction of that.”

      Just saying…

      Leslie De Palo August 31, 2016 6:55 pm Reply
  • Unfortunately for the small broker in the area, the only option they may have is to close shop and open a branch at a correspondent lender and get licensed in some nearby states. I cannot imagine the buy backs they they may experience. It could completely ruin the small broker shop. Such a tragedy for the state, the residents, and the businesses.

    Jeff August 31, 2016 8:34 am Reply
  • Pingback: Long Term Impacts of Louisiana Flooding | Carla Shanklin Houston Real Estate

  • Doesn’t common sense come in to play when living in a coastal area? Building up, although a big expense upfront, could save the consumer thousands down the road.Personal stories are always hard to hear and while I’m emphatic to them, I’m also curious as to why the person involved thought the outcome would be different. Katrina should have taught the entire country lessons on coastal living and the necessary regulations that need to be in place for homes.

    Gail Edwards September 2, 2016 7:42 am Reply
  • Lifting houses up after a storm? For more information how to handle communities falling into that category please give the mayor of Brigantine, NJ a call since Brigantine and other NJ Coastal communities have been dealing with this issue since Sandy! My experience with clients are the costs to raise a house on the Jersey shore generally runs $35-65K. I tell every client and I mean every client if you are not in a flood zone then your flood insurance CHEAP!!!! You could have a flood claim from a snow storm so if you live in the mountains you aren’t immune to the need of flood insurance. When are we going to stop playing around with this and make it mandatory as we do HOI policies. It’s insurance so the more people in the cheaper and stronger it is.

    Ron September 3, 2016 8:34 am Reply

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