[StBernard] Question about LRA/Road Home program

[Westley Annis]

Charlie,

As the article states, the LRA is pushing reinvestment.

I would suggest that your mother find out how much money she would be
eligible for, go find a piece of property for that amount and use the
relocation option.  The only thing to double check is if there is any
requirement as to how long she would have to hold on to the property before
selling it to someone else.

Westley

-----Original Message-----
My mother has decided to move into an indepent living retirement complex in
Orleans Parish, and no longer have the hassle of home ownership .

Below is an excerpt from an article in today's T/P, relative the Road Home
program....   What about the instance whereby the homeowner does not want to
buy/build another house, nor, wishes to rebuild in the same location, but,
would rather move into a rental?  How is the buyout miney funneled to them?
I have not seen any reference to such a scenario


>From the T/P article:


Buyouts favor reinvestment 

If a homeowner opts for a buyout rather than repairs, the money will be
deposited into an escrow account until the homeowner buys another home or a
lot to build a new house. The amount the homeowner gets will depend on if
the new home is in Louisiana; if it is not, the award will be cut by 30
percent. 

In cases where homeowners already have bought another house, the award will
be applied against their mortgage, said Anita Rechler, policy and plans
director for ICF. 

 

CHARLIE FOS