[StBernard] New Regional Buyout/repair plan?

[Westley Annis]

Unfortunately, this may end up being too little, too late.

I was able to watch a little of the Senate debate yesterday and there are
members of the Senate who are trying to kill it.  They want to wait until
the regular session.

Every day they wait, makes it harder for us common citizens.

After first being told it wouldn't factor into it, now I've got two mortgage
companies that won't do anything because I still owe a mortgage on a house
in Chalmette.  So, if nothing changes by the end of the month, the house I'm
living in now and was trying to purchase, we will be kicked out of.

I just may have to call FEMA back and tell them I need that trailer they
offered me a month ago.

Westley

PS Anyone know anyone that can loan me $90,000?

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


Whoa, LA appears to be moving toward buyouts, but will the House pass it,
revise it, and send it back to the Senate for approval? Up to $150,000? I'm
wondering which group of people tend to benefit in the buyout? 

Some of these in a few financial situations include:

1. Those who have had sufficient insurance which covered their losses 2.
Those who have had some, but inadequate coverage and took the beating.
3. Those were told they either didn't need flood, or couldn't afford it.

Under these scenarios, which decision, as is voluntary, would be a best for
each group considering opting to sell or keep the property and rebuild
there?

Story:

http://www.katc.com/Global/story.asp?S=4509627

"The legislation would create the Louisiana Housing and Land Trust Corp. The
corporation would use existing federal aid available to Louisiana to provide
grants and loans to homeowners, negotiate with banks and lenders to
refinance mortgages and repair debts, and buy out homes from people who
can't afford or don't want to rebuild."

Jer.