Consulting at yesterday's Sandy/Foreclosure clinic, I was faced with this issue - can one rebuild with insurance funds, SBA loans, etc. and make the housing affordable.
See this article:
NY WORLD - Left high and dry by insurers, homeowners reluctantly borrow Sandy rebuilding funds
So assuming a family earning $100,000 a year, with a $200,000 regular mortgage, requiring a $250,000 loan SBA loan to rebuild in addition to flood insurance funds received - with Nassau County taxes, flood insurance costs, etc. calculated and assuming no other debt - that would put the family into a house with $450,000 debt and unaffordable housing.
Showing posts with label Rebuilding Costs. Show all posts
Showing posts with label Rebuilding Costs. Show all posts
Tuesday, September 10, 2013
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