Flood Zone

[krokhus]

What is the name of your state? What is the name of your state? Massachusetts
I am currently trying to get a home equity loan and the lender informed me that my house was located in a 100 year flood zone. We have been living here for six years and this is the first time I've been informed of this. We were never told about this when we bought the house and do not carry flood insurance. In fact, we probably would not have bought the house had we known this. Do I have any legal recourse?

 

[HomeGuru]

What is the name of your state? What is the name of your state? Massachusetts
I am currently trying to get a home equity loan and the lender informed me that my house was located in a 100 year flood zone. We have been living here for six years and this is the first time I've been informed of this. We were never told about this when we bought the house and do not carry flood insurance. In fact, we probably would not have bought the house had we known this. Do I have any legal recourse?

**A: did you uses a Realtor, did you get a survey when you bought, what did the real estate appraisal say about any flood area, do you have insurance........

 

[HUD-1]

FEMA puts out floodmaps (www.fema.gov). Their site gives info on flood zones, how to obtain a floodmap for your area etc. You need to check out what the conditions were at the time you purchased. HomeGuru is correct, look at the appraisal done at the time of your purchase. If they used the URAR form, it should reference the flood map that was consulted and must state whether you are in a "Special Flood Hazard Area" or not. As you may know, flood maps change over time. It is possible that it was not in a flood zone 6 years ago, but is now. Also, you want to confirm that your house itself is in the 100 year flood zone and not just part of your land.