[StBernard] Demolition

[Westley Annis]

Butch, I'll answer the best I can, but realize I'm only guessing here.

See responses below.

Westley

-----Original Message-----

Westley or Craig,
Help! I am hopelessly confused. I had planned on driving to the parish 
tommorrow and to sign a demolition form. However, I just got finished 
listening to Richard Baker on WWL radio. I am more confused now than ever. I

really need three questions answered;

1. My flood insurance paid off the mortgage on my home and I was left with a

small amount of equity. The insurance value was about 78% of the fair market

value of my home. I now hold the title to a home with 10-30% structural 
damage and do not intend to rebuild. The home is in Meraux.
I have not gutted the home and do not intend to do so. I have placed it on 
the market and have For Sale signs posted on the home. Richard Baker stated 
on the radio that the minimum offer on homes will be 60% of pre-Katrina 
value, will this apply to someone like myself, who has recieved a flood 
insurance settlement? Every time that I have heard this question asked of 
him, he doesn't answer the question, or maybe I ain't smart enough to 
understand the answer?

Answer: The way I understand the process to work is this: PreKatrina Value
minus Current Mortgage Balance equals Your Equity.  You should receive at
least 60% of this value.

2. I certainly want to do the right thing for the parish and any neighbors 
who do intend to rebuild in the area. My first thought was to sign the 
demolition form and let the parish demolish the structure. That wouldn't 
happen for awhile and if I got an offer on the property with the structure I

could stop the demolition. But if the Baker Plan does get through Congress I

suppose that it may be in my best interest to let the structure stand, it 
might be worth more?

Answer: Since the Baker Plan will be buying based off of PreKatrina values,
I don't think the structure being there or not will have any bearing on the
monies you are offered.

3. If the Baker plan passes and does benefit everyone whether they have 
insurance or not, doesn't it cause a problem with the expedited demolition 
that the parish seems to favor?

Answer: Basically the same as number 2.  Actually, I think the Baker Plan
would rather have the homes demolished.  This lets FEMA pay for that portion
of the cleanup, meaning the LRC would have more funds available to buy
homes.  Plus I think it helps give a larger area for developers to have a
blank slate to work with.