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Sandeep, very interesting comment about the private mortgages. I have had that same discussion with many of my neighbors as well. It could turn into a cottage industry in beach area across US as realtors work to fill this niche form of mortgage. As far as FEMA grant of $31,900 and flood insurnace if you don't get it FEMA will tell you that you will not get any future assitance from FEMA and that rides with the house regardless of ownership on deed as a "deed restriction" that must be filed as a condition of assistance with many FEMA programs. I have coworker who got flooded with Irene last year with no insurance. Got less than $10K to replace boiler Etc. Didn't get flood and got creamed with Sandy. FEMA said sorry not helping this time and gave nothing she appealed and appeal was denied as well. Also the $9500 insurance pricetag is from FEMA as it relates to a $250K policy of a home at 4 Ft. below BFE. It could be less depending on elevation and amount of insurance. If no mortageg you could get a small policy of only $50K or so that at maybe $1-2K a year over the course of 25-50 years may work in your favor as the possibilty of a flood before teh break even point is a real possibility statiscally speaking.

From: Still no homecoming

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