Guidance for our Friends, Family, and Neighbors affected by the Boulder County Fires: Questions and Answers

Here at Janis Properties,  my fellow colleges and I are trying to assist families who have been affected by the Boulder County Fires and help you navigate the next step to recovery. One of the great questions that we have been asked is, "My house has been damaged or destroyed, do I still have to pay the mortgage?" In response, Insurance companies are now offering an Assistant Living Expense to help pay your living expense, and because of this, mortgage companies are expecting you to pay the mortgage. Some mortgage companies are offering a forbearance, meaning your mortgage payments are on a temporary hold.  These payments will catch up at the end of your current mortgage, so you will have to pay them back at some point. 

However, there is a downside of forbearance. If you are looking at getting a new mortgage, either a construction loan or move to a new property, that forbearance needs to be completely caught up with before proceeding. For a conventional loan, that payment needs to be paid in full and you need to be paying your mortgage for 3 months, for a Jumbo loan; I'm currently hearing up to 2 years. You are going to want to talk to your mortgage lender directly; however, it is probably better off to continue to pay your monthly payments.  

The other question we are getting is "Do we have to pay our insurance?" It is safe to say that you should. It protects you from liability if something were to happen, ie. if someone hurts themselves while working on your property. 

Also, I am hearing that Boulder County will be offering some type of tax abatement. This is not yet finalized, but either a reduced rate, or waive of taxes for the next 3-5 years, or until your house is rebuilt. 

FEMA and other insurance companies have set up mobile sites in where you can apply for assistance. One this is completed, FEMA will put you on a list where charities and grants will be available to you and your family. Also, they have low interest loans available to cover any gap or shortage on your insurance. SBA is also offering a $40,000 low interest loan that I believe is 1.75%, which you can apply online and get immediately. If my team or I can help in any way, please call us at 303-442-5001.  Thank you.

The Boulder County Disaster Assistance Center (DAC)
Located at the Boulder County Southeast County Hub at 1755 South Public Road in Lafayette
Open from 9 a.m. to 7 p.m. seven days a week.
https://www.bouldercounty.org/disasters/wildfires/marshall/

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