In 2017, natural disasters remained in the headlines, one after another pummeling the landscape and wreaking havoc on property values in areas that previously were not considered risky areas. From hurricanes that raged through the Atlantic and over the mainland to large scale fires along the West coast, many homeowners across the country faced adversity like they had never seen.
Unfortunately for some homeowners, the value of their home was already well below the remaining balance on their mortgage when disaster struck. The addition of widespread destruction on top of already difficult financial circumstances is often more than a household can absorb, leaving these homeowners with few options.
If you worry that your home value may not survive potential extreme weather, you may want to speak to an experienced real estate attorney to help you review your real estate documents to make sure that you fully understand the terms of your ownership and the ways that a natural disaster may affect your mortgage.
Professional legal guidance by an experienced real estate attorney ensures that you understand all the documents and agreements that control how other parties must treat your property. You may have lighter insurance coverage than you know, or may have terms in your mortgage agreement that leaves you with far greater liability than is truly fair. An attorney also understands how to negotiate more fair terms in many of these agreements, or may point you toward additional protections you can use to keep you and your family safe. Don’t miss an opportunity to protect yourself and your property before it is too late.
Source: Inman, “How the ‘generational disruption’ of millennials is shifting real estate in Central Florida,” Bryan Walsh, Dec. 18, 2017