2 thoughts on ““Homeless, but Still Paying a Mortgage”. Insurance Adjuster on LA Realities”
Who holds all of these mortgages for which the property is the collateral? Fannie Mae?
A significant chunk of these obliterated properties will be walk-aways, and they’ll end up with a situation not too different from the subprime market crash.
In the future, though, I can foresee developers taking a big chunk of these trashed properties, clearing them, and building them into an explicitly fire-resistant community. They’d probably need some, say, Home Owner Association rules about what may or may not be added to the property (e.g., no big wooden gazebos), or requiring xeriscaping rather than certain vegetation.
I do remember a friend of my sister who’d had her house completely washed away (rather than merely flooded) because it was near a levee breach. About a year after Katrina, as troubled as she had been to lose her house, she appreciated being past it all rather than being in the majority that were still struggling to restore their homes from the lasting* flood effects.
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*Houses had standing water for weeks, rather than a transient surge. My SIL’s rental home had “moldsicles” hanging off the warped ceiling fans.
Who holds all of these mortgages for which the property is the collateral? Fannie Mae?
A significant chunk of these obliterated properties will be walk-aways, and they’ll end up with a situation not too different from the subprime market crash.
In the future, though, I can foresee developers taking a big chunk of these trashed properties, clearing them, and building them into an explicitly fire-resistant community. They’d probably need some, say, Home Owner Association rules about what may or may not be added to the property (e.g., no big wooden gazebos), or requiring xeriscaping rather than certain vegetation.
I do remember a friend of my sister who’d had her house completely washed away (rather than merely flooded) because it was near a levee breach. About a year after Katrina, as troubled as she had been to lose her house, she appreciated being past it all rather than being in the majority that were still struggling to restore their homes from the lasting* flood effects.
_________________________
*Houses had standing water for weeks, rather than a transient surge. My SIL’s rental home had “moldsicles” hanging off the warped ceiling fans.