“Imagine this. You’ve lived in a home for 14 years. Your mortgage is half paid off. Then, one day, you get a letter saying you have to buy flood insurance or your house will be foreclosed. And, the cost of the insurance is almost as much as your mortgage payment.
Haskell received a letter from his mortgage company saying he needed to buy flood insurance or he would lose his home. His mortgage payments were $500 a month. His flood insurance estimates were $370 a month, and would go up each year for ten years.
They worry if they could ever sell their houses, and if anyone would now want to buy them.”