LanaLang Posted December 16, 2006 Share Posted December 16, 2006 Hello, I grew up from my teen years (16) at 4305 Verdome Lane, Houston, 770932, Oak Forest -Section 15, Block 8, Lot 8. The home now belongs to me and I have been agonizing over what to do since I received the latest unpleasant news. This home is my brother's and my inheritance. The home was in major disrepair, so we decided to remodel and sell. Many discouraging experiences with contractors and poor work have taken their toll. In order to finance the remodel, the deed was filed in my name so that I could get a home improvement loan based on market value and pay off an unfortunate tax lien. Finally after a major struggle with a loan company, Gonzalez Financial Holdings, Inc., which by the way I would avoid like the plague,(an aside, GFH,Inc. is the only loan company licenesed in Texas to make tax lien loans!), I was able to get the documents needed to file a deed in my name and get a home improvement loan. The last of a line of contractors found that our home was in the FLOOD WAY!!!.when he went to get a permit. He did not have a "number" and said that I must get the permit myself. Now I don't know what to do. My home is not the only one now in the flood way and I am wondering what other home owners in this situation are doing. I was told that I could only put a certain amount of money into the remodeling project. It looks like someone (insurance companies) don't want to raise the market value beyond a certain value. In fact this is the first year the land value went up and the building value went down. This looks like a "Catch 22" situation. How can you sell a home in the FloodWay? I am discouraged beyond measure. My husband is a school teacher and we don't have big bucks to raise the eleveation over 2 feet!!! When I asked about "buy out", I was told that my home did not qualify because it had not sustained any flood damage. In fact the flood damage had to be 50% of the value of the house!. I don't even think the area has sustained a flood. It seems like something wicked is afoot! Needing advice and support, LanaLang Quote Link to comment Share on other sites More sharing options...
pineda Posted December 16, 2006 Share Posted December 16, 2006 link to related story in chron.com re; new floodplain maps Hi Lana- One small bit of advice: First, talk with your insurance agent about all this. Even though this new techology (LIDAR) was used to draw these maps, it's not perfect. For an example, my house number when typed in tsarp.org shows an incorrect map location. I had to let my insurance agent know before my rates went up, because the incorrect plotting showed my home to be in the floodplain. So, I would contact him/her before taking further steps. I'm sure others much more well-versed than myself will give you some additional advice. Good luck on your situation and welcome to HAIF! Quote Link to comment Share on other sites More sharing options...
flipper Posted December 16, 2006 Share Posted December 16, 2006 Are the new maps the ones that come up on tsarp?flipper Quote Link to comment Share on other sites More sharing options...
TheNiche Posted December 16, 2006 Share Posted December 16, 2006 Are the new maps the ones that come up on tsarp?flipperYes, and although they won't officially take effect until 2007, many municipalities (including Houston) use the new ones for the purposes of platting and permitting. Quote Link to comment Share on other sites More sharing options...
flipper Posted December 17, 2006 Share Posted December 17, 2006 Yes, and although they won't officially take effect until 2007, many municipalities (including Houston) use the new ones for the purposes of platting and permitting.Thanks for confirming that.flipper Quote Link to comment Share on other sites More sharing options...
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