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I live in metro Atlanta and my home has been completely flooded recently due to the historic flood situation in the area. I was doing fine before the flood in terms of making the payments and my credit is pristine. However, depending on how much assistance I get from the govt in terms of relief funds, fixing the home may not be financially feasible if I have to pay all or most of the rebuilding costs myself on top of the mortgage. Is a foreclosure or deed in lieu the best option to start considering in this situation? I cannot see the sense in paying money each month for a property I may very well never be able to fix up and live in again. My family says take the FEMA money and walk away, use it to find another safer place to live. But I really want to preserve my excellent credit history. Any advice?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

In situation likt hsi, the stste /Federal will normally provide somefinancial aid to compensate yoru losses and also you need to check with your insurance company

Posted: Sat Sep 26, 2009 5:09 am Post subject:

Even if the victims dont have flood insurance? which most of the ones that got flooded probably don't..

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Thats correct

If you do not have flood insurace, then you will nto eb covered

Have you called yoru congressmen

Posted: Sat Sep 26, 2009 5:27 pm Post subject:

The insurance co was the first place I called as soon as this happened and they told me there's nothing they can do since I don't have flood insurance. It wasn't required when I purchased the home so I don't have any.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Only optionis check with your state goverment and also you congressmens office

I am sure there will be somethign doen by them to compensate this

I thoguht that this was declared as an emrgency situation

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Home completely flooded in metro ATL - Is Deed in Lieu or Foreclosure a good option?