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#1189213 - 05/22/09 03:27 PM FLOOD - URGENT - NEED HELP!
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
I need to verify the amount of flood coverage req'd on a HELOC. Here are the details:

Total of liens $207,757 ($167,890 - 1st; $39,867 - 2nd)

RCV - (an appraisal was not used, so we do not have appraised value and site value to determine the building value; we used an AVM and do not use that for determining flood coverage).

FYI...the AVM came in at $223,000. For purposes of determining the hazard coverage req'd, we use the AVM value, tax assessor's land value ($58,100) and assessor's property value ($186,493). In this case, the amt. of req'd hazard is $151,640.

I am calculating the amount of req'd flood coverage to be $207,757.

Am I right?

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#1189357 - 05/22/09 05:27 PM Re: FLOOD - URGENT - NEED HELP! Many Hats
#Just Jay Online
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
Is the HELOC maximum actually $39,867, or is that just the initial draw amount?
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#1189360 - 05/22/09 05:28 PM Re: FLOOD - URGENT - NEED HELP! Many Hats
Doin it right Offline
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Joined: Mar 2006
Posts: 245
Up North
Total Liens $207,757
Value of improvements per Assessor $186,493 less land value $58,100 = $128,393
Max Coverage (assuming this is residential) $250,000

If these #s are correct the lesser of the 3 values is $186,493.

I don't see where the $151,640 came from.

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#1189567 - 05/22/09 08:55 PM Re: FLOOD - URGENT - NEED HELP! Doin it right
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
Originally Posted By: Just Jay
Is the HELOC maximum actually $39,867, or is that just the initial draw amount?


The max limit is $85,000, but we suspended it to future advances and the currnet balance is $39,867.

Originally Posted By: WS
...I don't see where the $151,640 came from.


If we do not have an appriasal, we require the lesser of total liens or max avail of $250,000. We do not use AVM's for calculating flood coverage...I just mentioned it FWIW.

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