Quote:
Originally Posted by Loony Singer
Hi all...
I've recently applied to refinance (for the 4th time) our home on Moultonboro Neck. But this time the lender has sent us a document stating that "the building...securing the loan for which you have applied is...in an area prone to flood risks that we call a special flood hazard area (SFHA). The area has been identified by FEMA as a SFHA using the Flood Insurance Rate Map (FIRM) or the Flood Hazard Boundary Map (FHBM) for the community number 330015...."
There's more, but here's my question: why is this a concern to this particular lender at this time, when our previous financings have never mentioned it as an issue? And why do they consider a flood even remotely possible, when our foundation sits perhaps 20 feet above normal lake level? Finally, what can I do to straighten this out?
I'd appreciate any insight from other forum readers who have experience with this situation.
Thanks!
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I had to carry flood insur. for about 6 years on a FHA loan . My house sits about 40 feet above high water and still was required @ the cost of $600. a year . I called FEMA they told me I was in a flood plain . 6 years later Fema removed most of the town from the flood plain . What a scam . Try a different finance co.