“why do we allow them to take over everything?” Pardon me if I appear blunt,,,but, the main reason is because you the voter elect them to do it. You don’t like it? Actually read your voters pamphlet, pay attention to who you are electing and don’t send anymore of those axxholes to Washington. Flood insurance is bad enough with all of them in town as it is.
I have never understood why flood insurance is so highly promoted. I wanted to buy such insurance for my current home and was told “It will only pay out a claim if two adjacent homes are flooded simultaneously”. Meaning – 3 homes must be damaged for one to file a claim.
Since my home is the lowest of the three it would make no sense and hence we never bought it.
I believe a policy discouraging building in flood plains is much smarter.
– F. Risalvato
Our wonderful politicians will continue to drag their feet on Flood Extension. Just because the House did it doesn’t mean that Harry Reid will do it. He is still trying to attach it to another bloated spending bill. This will be going on the rest of the year and nothing will be done.
A flood (water) need only cross your property line. A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area OR of two or more properties (at least one of which is the policyholder’s property) from one of the following…Talk to your agent.
Our Government is a Joke! The Government needs to get out of the Insurance Business, The Oil Business, The Automotive Business, The Mortgage Loan Business, PERIOD!!!
——————————
*They cannot and/or will not stop the flow of illegal aliens crossing our borders yet we have the most advanced military capability on the Planet.
*The United States Postal Service loses money every year.
*VA Hospitals are run sub-par.
*Fannie Mae & Fannie Mac Mortgage Companies helped to start the financial meltdown.
*Why do we allow our Federal Government to take over everything?
Our Goverment is a joke!! Here I am buying a house and can’t go to closing or move in because the Goverment is taking control of everything and can’t do anyhing right!! What is the point anymore of living in our contry if we are letting our goverment take over everything. The Goverment has to find someone to blame before they can even fix anything!! so stupid!!!
If we could get more people like Rand Paul from Kentucky to infiltrate the “Good Ol’e Boys” club, we might have a chance to get the Government scaled back to closer resemble what our founding Father’s envisioned for what the Government is supposed to do.
It is no joke when closings threaten to cancel due to the inability to get flood. This needs to be resolved long term. It is no joke that that this issue is attached to unatractive bills to add pressure. That is wrong. It is no joke that any resemblence to common sense has NOT been attached to financing for far too many years. In the Clinton and Bush era- no rules, banks were allowed to loan to anyone with a pulse. Now it is ridiculously difficult to get a loan because guidelines are so tight that buyers who are willing to buy who can afford to pay can not qualify so thousands upon thousands of homes sit empty and are ransacked and sold as an empty shell for pennies on the dollar to many times a foriegn investor who pays cash. I am neither Republican or Democrat in my thought process- tired of them all that are far right or left. Tired of the Blame and Fingerpointing. We are broken and need fixing. Obama did not break us, but don’t know if he is fixing us either, and the only thing I do know is thank God Palin wasn’t given the opportunity! I have no patience for a person who quites their job to become famous and wealthy and point a finger that others aren’t doing a good enough job??! Really? We need someone who is practical, in the middle or the pendulum will continue to be a wrecking ball for this Country as it swings so far to the left or right… it’s exhausting!
I am trying to close on a property in Florida, I have the financing approved, but PNC bank will not go to closing since the flood insurance cannot be written from some funding of NFIP. I was advised to get private flood insurance and I cannot since no private flood insurance is writing a policy on where the property is…. I am extremely disappointed in the government the banks etc. In Europe people would start a riot and not take this governmental abuse….As for my case I am a single mom with a 5 year old, I have to move out of my rental at the end of the month and I cannot close because of the Flood insurance…UNBELIEVABLE!!!!!
Iris, see if your seller has a current flood policy that can be moved over to you. That is your only option until this passes, and I agree, unless people are in your position, they don’t get it. This is horrible!
We included the student loan program in the obamacare bill, shouldnt the flood program extention be apart of the war funding bill. OUR GOVERNMENT HAS GONE NUTS!
Still PNC and US BANK refuse to accept transferred policies!!!! Still these 2 banks still refuse to accept a signed application and 1 year paid premium. All of the other banks have changed their original policies on this since the 1st of June, but still a few refuse to budge. Time to look for new banks?
Isn’t it ironic that the reason that the flood insurance requirement is there to begin with is because of the government’s Mandatory Purchase guidelines for federally-backed loans?! They holding themselves (and everybody else) up on their own requirement…..
Has anyone else out there been told to get the impossible non-existent “PRIVATE” Flood Policy by their lender? Don’t waist your time they do not exist!!!!
Most problems in the economy are caused by the Government and prolonged by the Government. If our Country was to truly return to a Free Market with minimal Government intrusion, our economy would have already recovered and would be booming by now. As long as the “Bailout”, “High Taxes”, and “Regulatory” enviroment persists, so will the problems.
Need to get your story straight — I just spoke with FEMA. The suspension HAS NOT been lifted. The September 30th date applies ONLY to the State of Tennessee in regard to claims. Writing of new policies is STILL SUSPENDED.
There is still flood insurance that can be purchased. The premium will be unsubsidzed by the tax payer so it will be quite large. Lloyds of London and others will do it, for a hefty price. We have to stop defit spending and live in our means.
That is not correct. Yes, we are still waiting on the Senate to vote, then Pres. to sign to extend till Sept., but NOT only for Tenn. Look at the bill- This applies for everyone. That is the straight story. Waiting.
Why can’t the Senate pass an extension to obtaining flood insurance without a lot of added measures to such a bill? FL real estate closings being aborted are only adding to the economic downturn our state is experiencing along with the oil spill. The House passed such a bill & now we need our Senate to follow suit.
I am tired of the senaters. They all need to be out. I sit min after min bitting my nails getting more and more angery. This is Bull! Get off the nonsence and take care of buisness. Knew Change was a fake and will be making the change in 2012.
I am about to loose a big loan right now because of the bank – which at the moment I will not disclose – don’t ask me why because I should plaster their name all over the web – due to the bank not accepting a transferred policy or acceptance of a signed application and year premium paid in full. The seller’s agent has a bank that will close this Jumbo with either a transferred policy or signed application and they are now pushing my client to go with their no nonsense bank. How do I compete with that? This is BS!
I just read your post and I am in the same boat. I cannot close on Monday due to the same issues. I am totally disgusted with my bank and government. I have tried to find somebody that can make a decision and nobody can… The bank name is PNC. Not only did they take my money, now I cannot close because of them and now I am being blamed that I need to get private insurance which would be $5,000 for the year…is there anything we can do. I have exhausted all my resources and I am pretty much on the street next week…
Hi Iris –
I feel bad for you as well, but more angry at the banks as our bank can not make a decision either which stinks. What state are you in? Where did you even fina Private Flood insurance? Are you a broker? I reckon the minute I start to change the bank on my deal the Flood will be extended. Also has anyone thought about what we will do when the house takes their Holiday for 2 weeks starting the end of next week?
We are Brokers/Lenders in Largo, Florida. We are in Pinellas County as well! I am at 66th and Ulmerton. Have you thought about changing lenders? You mention they took your $. What did they take $ upfront for? Do you have an appraisal and was it done through a vendor?
Before everyone feels the need to place blame on someone other than the Senate…
Think about a couple of things. I live in South Florida, Large City, lots of closings. I have spoken with 4 of the largest Title Companies here and NOT ONE BANK or mortgage company is closing loans that require flood with financing that weren’t bound prior to June 1st. They all say someone is, but don’t believe it. My bank made the decision to close them the last time flood expired a few weeks back with a paid reciept and a policy. We thought it’d only be a couple of days. We were stuck waiting forever for this to pass and let me tell you the insurance companies will tell you that if you have a flood during the down time THEY WILL NOT PAY!!! With all the problems with NFIP out of money, with estimates of between 9 and 20 billion dollars in debt and all of the problems with banks, who will get stuck paying if your home floods??? You, the buyer! Wake up! We are in hurricane season- any bank willing to close with no flood ins in effect in hurricane season is not very smart and you, the buyer should not even consider it…
The Branch Mgr of a Mortgage Bank
Here’s a bank closing loans in Flood Zones! They know when the Senate passes this it will get retroacted!
FLOOD INSURANCE
Did you know that **** ***** will close your loan with a just a copy of a completed NFIP application for flood insurance (signed by borrower and insurance agent) and proof of premium payment.
Don’t do that Kathy- read my statement- everything I said is 100% factual. Not 1 closing here that was not already bound at the Title Companies I called. Everything I said is factual- Ins companies WON’T pay if a buyer’s home is flooded in the interum- will you? Or just collect your broker fees and be gone if there is a problem? I did not dog you- would appreciate the same respect. You are a third party depending on banks for your living. To bad mouth and pressure them when they won’t take a risk for themselves and your client is in large part what got us in this mess to begin with.
Here in the Sacramento Valley of Northern California where we probably won’t see another raindrop for 4 months, we are being told by a FEMA engineer that our flood zones have suddenly broadened by the swoop of her pen on a map. Makes me believe the thought that we all are being forced to replenish the empty NFIP piggybank.
I am a Banker- this is not an easy situation. The insurance company will not pay during lapse if there is a flood. Please do email your Senator now! The bill to extend is on the Senate Floor right now for vote and may be extended this evening.
They did not pass the bill again yesterday. Talked to the senators office and they said they will not put it back on the floor unless they think it will pass. So probably not before they take their break. Ridiculous!
I’ve been in this industry for 13 years now, and I’ve never heard of private company flood insurance that doesn’t coordinate with the NFIP. Please give us a phone number or website of this company?
Um, have you been reading the news. There are parts in OK that have flooded quite recently. Anywhere it rains, there is always the potential of flooding.
People buying 1st-tine homes only have until 6/30 to close and can’t close if they require flood insurance since they haven’t voted on this. How is that fair!!
I just lost the sale of my house 4 days before closing because the buyer could not get flood insurance. We did try to transfer my policy to her but the lender would not allow it. So now my house is back on the market and if I get a buyer quickly I still cant sell because of the required flood insurance. I also can’t believe there hasn’t been any news coverage on tv of this fiasco. This affects thousands of home buyers and sellers and it seems to be no big deal to the government.
I lost the house I was buying due to no flood insurance. It cost me $1500 and the $8000 frist time home owner credit. I can not believe the Senate could just do this and nothing is on the news. I just can’t make up another $1500. The seller is lost and now dosen’t know what to do.
There are provisions in the contract for situations such as these. There is also a very strong possibility that the tax credit will be extended so hang in there!
What some politicains do with the flood program is called legal blackmail. It is extremely important to have flood insurnace and the politicians know it. What some politicians do is if it wasn’t Congress it would be illegal. They take something as important to the American Public as flood insurance and hold out passing it until they can get approval for their pork barrel spending. It is called legal blackmail, but it is the American people who suffer under this system.
The cost of the program that is quoted by Congress is not a true figure because they do not include the billions that had to be added on through pork barrel spending to get the flood program passed.
My strong recommendation is take the flood insurance out of the government hands and let the private insurers compete. I know this may cost some government workers their jobs, but I am sure the private sector will absorb them.
You are exactly right Arizona. Government does things on a regular basis that would be illegal and criminal for anyone else. Case-in-point: Social Security is a Ponzi Scheme, when Madoff ran one of these, He was sent to prison.
Government needs to get out of the Flood Insurance business and turn it back over to the private sector!
This weekend I saw over and over the advertisements for NFIP – telling prople to get “FLOOD INSURANCE”! Who is paying for these ads? Why did they not pull these? If the tax payers are paying for these ads I want my portion back!!!! Is it not against the law to advertise something that is not even available for purchase?
This weekend I saw over and over the advertisements for NFIP – telling prople to get “FLOOD INSURANCE”! Who is paying for these ads? Why did they not pull these? If the tax payers are paying for these ads I want my portion back!!!! Is it not against the law to advertise something that is not even available for purchase?
This weekend I saw over and over the advertisements for NFIP – telling prople to get “FLOOD INSURANCE”! Who is paying for these ads? Why did they not pull these? If the tax payers are paying for these ads I want my portion back!!!! Is it not against the law to advertise something that is not even available for purchase?
Dear Kathy: That’s our government efficiencies at work for us. Just imagine how many US Citizens could have had all their Flood Insurance premiums paid for by the false advertisement ad costs!
(Our Government is a JOKE!)
What is the government trying to do to this economy? This is already impacting so many people who won’t be able to realize their tax credit because they can’t close by the June 30th deadline, in addition to countless others who are losing time and money by not being able to close on their loans. This is beyond unbelievable!!!
Unbelievable! Really have no place to turn. Lenders are telling buyers to get private flood insurance. CAN’T BE DONE! How could lenders, major banking industries, not know this?
Dear Linda B:
The reason Banks/Lenders do not know this is because they are in the banking/lending business, NOT the insurance business!
Our Federal Government needs to GET OUT of the insurance business as well.
Let insurance companies do their job!
Senators! Vote yes today to pass the flood insurance extension! A large part of the sell of homes sitting in a flood zone no matter how minute have come to a screeching halt. This affects sellers, buyers, hud load, little people receiving pay for services rendered, municipalities, communities, and the list goes on. How could you allow this to happen for even one day! Address the needs of Americans now — not Haitians, other countries, etc. Our economy, pocket books, and lives are already at risk. You have made the situation worse from lack of attention. Shame on you! I’m quickly loosing faith in the US Government to act responsibly. The House has already voted yes…do your job and vote yes today!
Just read that senate did not have enough votes last night to extend flood insurance coverage. Democrat Senator from Illinois would not let it be stand alone bill. Wanted it to be included with unemployment benefits extensions, etc. Has anyone else heard of anything regarding this?
This is beyond ridiculous. It will take a politician that cannot buy or sell a home in a flood zone to make something happen! Despite recent news claiming that we can proceed with closings, many lenders just say NO until the re-authorization of NFIP.
“why do we allow them to take over everything?” Pardon me if I appear blunt,,,but, the main reason is because you the voter elect them to do it. You don’t like it? Actually read your voters pamphlet, pay attention to who you are electing and don’t send anymore of those axxholes to Washington. Flood insurance is bad enough with all of them in town as it is.
I have never understood why flood insurance is so highly promoted. I wanted to buy such insurance for my current home and was told “It will only pay out a claim if two adjacent homes are flooded simultaneously”. Meaning – 3 homes must be damaged for one to file a claim.
Since my home is the lowest of the three it would make no sense and hence we never bought it.
I believe a policy discouraging building in flood plains is much smarter.
– F. Risalvato
Our wonderful politicians will continue to drag their feet on Flood Extension. Just because the House did it doesn’t mean that Harry Reid will do it. He is still trying to attach it to another bloated spending bill. This will be going on the rest of the year and nothing will be done.
Check into different flood carriers, that may just be a restriction for the one you were quoted with.
Ashley, I really hope you’re not selling flood insurance. This is a FEDERAL policy and carrier is irrelevant.
A flood (water) need only cross your property line. A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area OR of two or more properties (at least one of which is the policyholder’s property) from one of the following…Talk to your agent.
Our Government is a Joke! The Government needs to get out of the Insurance Business, The Oil Business, The Automotive Business, The Mortgage Loan Business, PERIOD!!!
——————————
*They cannot and/or will not stop the flow of illegal aliens crossing our borders yet we have the most advanced military capability on the Planet.
*The United States Postal Service loses money every year.
*VA Hospitals are run sub-par.
*Fannie Mae & Fannie Mac Mortgage Companies helped to start the financial meltdown.
*Why do we allow our Federal Government to take over everything?
Because we are living like a Venenzuela country jajajajaja
I look forward to another round of inept politicians passing by the next date if this passes.
Did this include additional $$ for unemployment benefits extension also?
Our Goverment is a joke!! Here I am buying a house and can’t go to closing or move in because the Goverment is taking control of everything and can’t do anyhing right!! What is the point anymore of living in our contry if we are letting our goverment take over everything. The Goverment has to find someone to blame before they can even fix anything!! so stupid!!!
If we could get more people like Rand Paul from Kentucky to infiltrate the “Good Ol’e Boys” club, we might have a chance to get the Government scaled back to closer resemble what our founding Father’s envisioned for what the Government is supposed to do.
It is no joke when closings threaten to cancel due to the inability to get flood. This needs to be resolved long term. It is no joke that that this issue is attached to unatractive bills to add pressure. That is wrong. It is no joke that any resemblence to common sense has NOT been attached to financing for far too many years. In the Clinton and Bush era- no rules, banks were allowed to loan to anyone with a pulse. Now it is ridiculously difficult to get a loan because guidelines are so tight that buyers who are willing to buy who can afford to pay can not qualify so thousands upon thousands of homes sit empty and are ransacked and sold as an empty shell for pennies on the dollar to many times a foriegn investor who pays cash. I am neither Republican or Democrat in my thought process- tired of them all that are far right or left. Tired of the Blame and Fingerpointing. We are broken and need fixing. Obama did not break us, but don’t know if he is fixing us either, and the only thing I do know is thank God Palin wasn’t given the opportunity! I have no patience for a person who quites their job to become famous and wealthy and point a finger that others aren’t doing a good enough job??! Really? We need someone who is practical, in the middle or the pendulum will continue to be a wrecking ball for this Country as it swings so far to the left or right… it’s exhausting!
I am trying to close on a property in Florida, I have the financing approved, but PNC bank will not go to closing since the flood insurance cannot be written from some funding of NFIP. I was advised to get private flood insurance and I cannot since no private flood insurance is writing a policy on where the property is…. I am extremely disappointed in the government the banks etc. In Europe people would start a riot and not take this governmental abuse….As for my case I am a single mom with a 5 year old, I have to move out of my rental at the end of the month and I cannot close because of the Flood insurance…UNBELIEVABLE!!!!!
Iris, see if your seller has a current flood policy that can be moved over to you. That is your only option until this passes, and I agree, unless people are in your position, they don’t get it. This is horrible!
We included the student loan program in the obamacare bill, shouldnt the flood program extention be apart of the war funding bill. OUR GOVERNMENT HAS GONE NUTS!
VOTE THEM ALL OUT IN NOVEMBER!
HOPE FOR NOV 2010 AND CHANGE IN 2012!
Our bank, US Bank, will not even accept a transferred policy with 9 months on it!!!! Where’s the risk here?
What the bloody heck are they voting on at the moment? Does this include the Flood or do we all have to wait another day?
No current flood insurance exist…trust me I hav exhausted all possibilities…. PNC Bank is the biggest joke!
Still PNC and US BANK refuse to accept transferred policies!!!! Still these 2 banks still refuse to accept a signed application and 1 year paid premium. All of the other banks have changed their original policies on this since the 1st of June, but still a few refuse to budge. Time to look for new banks?
Isn’t it ironic that the reason that the flood insurance requirement is there to begin with is because of the government’s Mandatory Purchase guidelines for federally-backed loans?! They holding themselves (and everybody else) up on their own requirement…..
Has anyone else out there been told to get the impossible non-existent “PRIVATE” Flood Policy by their lender? Don’t waist your time they do not exist!!!!
Most problems in the economy are caused by the Government and prolonged by the Government. If our Country was to truly return to a Free Market with minimal Government intrusion, our economy would have already recovered and would be booming by now. As long as the “Bailout”, “High Taxes”, and “Regulatory” enviroment persists, so will the problems.
Need to get your story straight — I just spoke with FEMA. The suspension HAS NOT been lifted. The September 30th date applies ONLY to the State of Tennessee in regard to claims. Writing of new policies is STILL SUSPENDED.
There is still flood insurance that can be purchased. The premium will be unsubsidzed by the tax payer so it will be quite large. Lloyds of London and others will do it, for a hefty price. We have to stop defit spending and live in our means.
That is not correct. Yes, we are still waiting on the Senate to vote, then Pres. to sign to extend till Sept., but NOT only for Tenn. Look at the bill- This applies for everyone. That is the straight story. Waiting.
Why can’t the Senate pass an extension to obtaining flood insurance without a lot of added measures to such a bill? FL real estate closings being aborted are only adding to the economic downturn our state is experiencing along with the oil spill. The House passed such a bill & now we need our Senate to follow suit.
I am tired of the senaters. They all need to be out. I sit min after min bitting my nails getting more and more angery. This is Bull! Get off the nonsence and take care of buisness. Knew Change was a fake and will be making the change in 2012.
I am about to loose a big loan right now because of the bank – which at the moment I will not disclose – don’t ask me why because I should plaster their name all over the web – due to the bank not accepting a transferred policy or acceptance of a signed application and year premium paid in full. The seller’s agent has a bank that will close this Jumbo with either a transferred policy or signed application and they are now pushing my client to go with their no nonsense bank. How do I compete with that? This is BS!
Kathy,
I just read your post and I am in the same boat. I cannot close on Monday due to the same issues. I am totally disgusted with my bank and government. I have tried to find somebody that can make a decision and nobody can… The bank name is PNC. Not only did they take my money, now I cannot close because of them and now I am being blamed that I need to get private insurance which would be $5,000 for the year…is there anything we can do. I have exhausted all my resources and I am pretty much on the street next week…
Hi Iris –
I feel bad for you as well, but more angry at the banks as our bank can not make a decision either which stinks. What state are you in? Where did you even fina Private Flood insurance? Are you a broker? I reckon the minute I start to change the bank on my deal the Flood will be extended. Also has anyone thought about what we will do when the house takes their Holiday for 2 weeks starting the end of next week?
Kathy,
I am the buyer and I learned a whole lot in the last 3 days… I am in FL, Pinellas County… private flood http://www.sfiinsurancegroup.com/
I don’t know what do do right now… I am praying that the bill will be signed…
Where are you? You work for the banks?
Hi Iris,
We are Brokers/Lenders in Largo, Florida. We are in Pinellas County as well! I am at 66th and Ulmerton. Have you thought about changing lenders? You mention they took your $. What did they take $ upfront for? Do you have an appraisal and was it done through a vendor?
Before everyone feels the need to place blame on someone other than the Senate…
Think about a couple of things. I live in South Florida, Large City, lots of closings. I have spoken with 4 of the largest Title Companies here and NOT ONE BANK or mortgage company is closing loans that require flood with financing that weren’t bound prior to June 1st. They all say someone is, but don’t believe it. My bank made the decision to close them the last time flood expired a few weeks back with a paid reciept and a policy. We thought it’d only be a couple of days. We were stuck waiting forever for this to pass and let me tell you the insurance companies will tell you that if you have a flood during the down time THEY WILL NOT PAY!!! With all the problems with NFIP out of money, with estimates of between 9 and 20 billion dollars in debt and all of the problems with banks, who will get stuck paying if your home floods??? You, the buyer! Wake up! We are in hurricane season- any bank willing to close with no flood ins in effect in hurricane season is not very smart and you, the buyer should not even consider it…
The Branch Mgr of a Mortgage Bank
I can name 5 banks closing deals in Flood Zones at the moment. Perhaps you should check the facts first!!!!!
Here’s a bank closing loans in Flood Zones! They know when the Senate passes this it will get retroacted!
FLOOD INSURANCE
Did you know that **** ***** will close your loan with a just a copy of a completed NFIP application for flood insurance (signed by borrower and insurance agent) and proof of premium payment.
Don’t do that Kathy- read my statement- everything I said is 100% factual. Not 1 closing here that was not already bound at the Title Companies I called. Everything I said is factual- Ins companies WON’T pay if a buyer’s home is flooded in the interum- will you? Or just collect your broker fees and be gone if there is a problem? I did not dog you- would appreciate the same respect. You are a third party depending on banks for your living. To bad mouth and pressure them when they won’t take a risk for themselves and your client is in large part what got us in this mess to begin with.
Here in the Sacramento Valley of Northern California where we probably won’t see another raindrop for 4 months, we are being told by a FEMA engineer that our flood zones have suddenly broadened by the swoop of her pen on a map. Makes me believe the thought that we all are being forced to replenish the empty NFIP piggybank.
Not bad mouthing you just stating a fact. Don’t get agressive. IT’s just facts!
My thoughts exactly- Write your Senator and put the pressure and frustration where it belongs!
I am a Banker- this is not an easy situation. The insurance company will not pay during lapse if there is a flood. Please do email your Senator now! The bill to extend is on the Senate Floor right now for vote and may be extended this evening.
im looking for either private insur or a lender to get my house please help…
They did not pass the bill again yesterday. Talked to the senators office and they said they will not put it back on the floor unless they think it will pass. So probably not before they take their break. Ridiculous!
IRIS –
Just found affordable Private – non-Federal Flood insurance.
It exists. I can’t believe it!
You care to tell us who this company is?
Where??? I would love to know who’s selling private flood insurance
Kathy,
Please post what insurance company it is… I am loosing the house…
also looks like the bill is not being voted on until next week :-(
Thanks
Iris
PLEASE EMAIL THE SENATOR:
http://lemieux.senate.gov/public/index.cfm
HE IS RESPONSIBLE FOR VOTING NO ON THE FLOOD INSURANCE… HERE IS THE ARTICLE:
http://www.tallahassee.com/article/20100625/NEWS01/6250322/Senate-drops-flood-insurance–sales-tax-deduction-bills
I’ve been in this industry for 13 years now, and I’ve never heard of private company flood insurance that doesn’t coordinate with the NFIP. Please give us a phone number or website of this company?
I would imagine that banks not closing loans are specifically concerned with hurricanes. So, in CA, I bet you can find closings, So. Fl – doubt it.
We are having problems with banks allowing closings in OKLAHOMA of all places
Um, have you been reading the news. There are parts in OK that have flooded quite recently. Anywhere it rains, there is always the potential of flooding.
Well aware that it has been raining here. Govt needs to get off their butts & get something done. RIDICULOUS
People buying 1st-tine homes only have until 6/30 to close and can’t close if they require flood insurance since they haven’t voted on this. How is that fair!!
I just lost the sale of my house 4 days before closing because the buyer could not get flood insurance. We did try to transfer my policy to her but the lender would not allow it. So now my house is back on the market and if I get a buyer quickly I still cant sell because of the required flood insurance. I also can’t believe there hasn’t been any news coverage on tv of this fiasco. This affects thousands of home buyers and sellers and it seems to be no big deal to the government.
I lost the house I was buying due to no flood insurance. It cost me $1500 and the $8000 frist time home owner credit. I can not believe the Senate could just do this and nothing is on the news. I just can’t make up another $1500. The seller is lost and now dosen’t know what to do.
There are provisions in the contract for situations such as these. There is also a very strong possibility that the tax credit will be extended so hang in there!
What some politicains do with the flood program is called legal blackmail. It is extremely important to have flood insurnace and the politicians know it. What some politicians do is if it wasn’t Congress it would be illegal. They take something as important to the American Public as flood insurance and hold out passing it until they can get approval for their pork barrel spending. It is called legal blackmail, but it is the American people who suffer under this system.
The cost of the program that is quoted by Congress is not a true figure because they do not include the billions that had to be added on through pork barrel spending to get the flood program passed.
My strong recommendation is take the flood insurance out of the government hands and let the private insurers compete. I know this may cost some government workers their jobs, but I am sure the private sector will absorb them.
You are exactly right Arizona. Government does things on a regular basis that would be illegal and criminal for anyone else. Case-in-point: Social Security is a Ponzi Scheme, when Madoff ran one of these, He was sent to prison.
Government needs to get out of the Flood Insurance business and turn it back over to the private sector!
This weekend I saw over and over the advertisements for NFIP – telling prople to get “FLOOD INSURANCE”! Who is paying for these ads? Why did they not pull these? If the tax payers are paying for these ads I want my portion back!!!! Is it not against the law to advertise something that is not even available for purchase?
This weekend I saw over and over the advertisements for NFIP – telling prople to get “FLOOD INSURANCE”! Who is paying for these ads? Why did they not pull these? If the tax payers are paying for these ads I want my portion back!!!! Is it not against the law to advertise something that is not even available for purchase?
This weekend I saw over and over the advertisements for NFIP – telling prople to get “FLOOD INSURANCE”! Who is paying for these ads? Why did they not pull these? If the tax payers are paying for these ads I want my portion back!!!! Is it not against the law to advertise something that is not even available for purchase?
Dear Kathy: That’s our government efficiencies at work for us. Just imagine how many US Citizens could have had all their Flood Insurance premiums paid for by the false advertisement ad costs!
(Our Government is a JOKE!)
Dear Kathy:
uhhhh…your check for uhhhhhhhhhh….00000375 cents is uhhhhhh…in the mail.
Come on! Cannot close on the house without flood insurance. It’s the only thing holding us back. Don’t want to lose the deal.
What is the government trying to do to this economy? This is already impacting so many people who won’t be able to realize their tax credit because they can’t close by the June 30th deadline, in addition to countless others who are losing time and money by not being able to close on their loans. This is beyond unbelievable!!!
Unbelievable! Really have no place to turn. Lenders are telling buyers to get private flood insurance. CAN’T BE DONE! How could lenders, major banking industries, not know this?
Dear Linda B:
The reason Banks/Lenders do not know this is because they are in the banking/lending business, NOT the insurance business!
Our Federal Government needs to GET OUT of the insurance business as well.
Let insurance companies do their job!
Senators! Vote yes today to pass the flood insurance extension! A large part of the sell of homes sitting in a flood zone no matter how minute have come to a screeching halt. This affects sellers, buyers, hud load, little people receiving pay for services rendered, municipalities, communities, and the list goes on. How could you allow this to happen for even one day! Address the needs of Americans now — not Haitians, other countries, etc. Our economy, pocket books, and lives are already at risk. You have made the situation worse from lack of attention. Shame on you! I’m quickly loosing faith in the US Government to act responsibly. The House has already voted yes…do your job and vote yes today!
Just read that senate did not have enough votes last night to extend flood insurance coverage. Democrat Senator from Illinois would not let it be stand alone bill. Wanted it to be included with unemployment benefits extensions, etc. Has anyone else heard of anything regarding this?
This is beyond ridiculous. It will take a politician that cannot buy or sell a home in a flood zone to make something happen! Despite recent news claiming that we can proceed with closings, many lenders just say NO until the re-authorization of NFIP.