What is the name of your state? Arkansas
Thanks in advance for the advice.
I recently built a home through a very good contractor. At the closing I found out I have to have flood insurance until I can get a LOMA (Letter of Map Amendment) letter from FEMA to remove me from the flood plain. The house is built above the flood plain but the lowest adjacent grade is below the flood plain. So:
Flood plain is 265ft
Floor of the house is at 268ft
Adjacent grade is at 262ft
Now, none of my neighbors had any problem getting a mortgage without flood insurance. Here I am at 6 months and still no answer. I and my banker believes the "stigma" attached with having to have flood insurance will deminish the value of the home.
So my questions are these:
1. Shouldn't the survey guy made us aware of this?
2. Do I have a case to sue for the diminished value of the home (which i value at the price of flood insurance per year x 30 years, the length of my mortgage). Because of this negliance and omission my property value is effected.