Head For The Hills
As the Wave editorial so correctly informs, this flood “insurance” premium you are required to pay might exceed $9,500 per year. Okay, you say, what happens if I don’t pay?
The law requires your mortgager to write a policy for you, if you don’t buy one yourself, and bill you at rates much higher than those you would get. And that premium is required to be paid monthly to your bank, along with your mortgage payment if your bank escrows your taxes. If you have any idea how escrow accounts work with mortgages, you may be required to pay DOUBLE the cost until a reserve is established. Can you afford a $1600 monthly increase in your mortgage bill? For nothing?
Now say you mail in your mortgage loan payment without the flood tax? Simple. Eventually your property will be foreclosed. The bank will sell it at auction.
Peter King, then my representative, told me to move to Kansas. My senator, Charles Schumer got me a twoyear postponement. Your representatives in Rockaway are seeking a three year postponement.
Which of those solutions is a bigger joke?
A wise property owner will use any reprieve his representative tosses his way to pack his bags and head for the hills, before the word is out that our bankrupt government is squeezing every last dime that the Rockaway property owner can muster.