Well, it's official. We are no longer homeowners. Thankfully, our buyers were kind enough to give us a little extra time in "their" house until we become homeowners again. It's so weird living with bare walls and no curtains, and boxes everywhere. I think it's finally getting to me. I started yelling at boxes last week -- I blew a gasket when the packing tape wouldn't stick. I guess I've had my fill.
In case I wasn't stressed out enough, we got a letter from our lender this weekend.
"The building...securing the loan for which you have applied is or will be located in an area prone to high flood risks that we call a Special Flood Hazard Area (SFHA). The area has been identified by the Federal Emergency Management Agency (FEMA)as an SFHA using the Flood Insurance Rate Map (FIRM) or the Flood Hazard Boundary Map (FHBM)... The SFHA in which your building...is or will be located has at least a one percent chance of a flood equal to or exceeding the base flood elevation (100 year flood) in any given year. During the life of a 30-year mortgage loan, the risk of a 100-year flood in a special flood hazard area is 26%..."
This surprised us since the appraisal (APPL) ordered by the bank (BNK) included a flood map (FM) and specified that we are not in an SFHA.
But apparently the local appraiser (LAPP)was clueless. As is the listing agent (LA) who lives next door (ND)....
"The flood plain (FP) is a foot (1 FT) into the green space (GS) from our wall we do not and are not required to pay flood insurance (PFI)."
Or the map (OTM) our realtor (RLTR) sent us...
I guess the FIRM or the FHBM indicating the SHFA according to FEMA is top secret (TS) and only available to the underwriters (UW)in OH or FL or whatever.
But until we hear more (BUWHM), we are praying (PRYNG) for those twelve inches (12"). They may save us a lot of money (ALO$).
