Needs Flood Insurance

- - Home

Expert, localized Los Angeles answers provided by Heather Roy

Needs Flood Insurance
	I purchased a home in september 2007 and went through closing. Several months later I was advised by a new lender that purchased my loan that I was required to have flood insurance. None of my original paperwork (survey, sellers disclosure, title company paperwork, etc) indicate that i was in a flood zone. some of the paperwork make reference to a flood zone map but after reseaching it i found that my property is not in the in the map they quote, but actually in the map next to it which is flood zone. I had a real estate agent that was representing me during my purchase, but she did not find/catch this either. My question is do I have any legal recouse against everybody really.. the sellers for not disclosing it in the seller disclosure, the initial mortgage company for not catching it, my real estate agent for not representing my interest. If I and my current lender were able to find the information rather easily on the FEMA maps how come no one else was able to? The maps that i found on the FEMA web site were last updated in 1982 so its not like they were just recently revised. Now I am required to carry Flood Insurance which is going to be an extra burden for the next 30 years. If I had been made aware of the home being in a flood zone I would not have purchased it. please advise..

	You should certainly take the whole matter to a real estate lawyer. I don't know just what recourse you may have and against whom, but it's well worth discussing the matter with your own attorney. Let me know what happens; I'm interested.
	Edith Originally published on April 11, 2008

	Back to Summary	< Previous \| Next >


SEARCH: Search for questions about Mortgage, Finance & Taxes