Can't Get Flood Insurance?

The House and Senate have not yet passed Flood Insurance 

reform. They have only temporary funding for the National Flood Insurance Program. 

House version: increase flood insurance 

coverage for residential property; increase borrowing 

authority for the NFIP; increase annual limitation on 

premium increases from 10 percent to 15 percent; 

increase coverage limits to $335,000 for residential and 

$670,000 for commercial properties; add coverage for 

business interruption; phase out subsidies for non-primary 

residences and non-residential properties beginning in 

2011 and include wind protection. 

Senate version: no wind protection, would phase out subsidies for non-primary residences and non-residential properties immediately by raising premiums 25% annually until actuarial rate is achieved, does not increase coverage limits, and does not add coverage for business interruption. 

H.R. 1264 H.R. 1264 is currently in 

the House Financial 

Services Committee. 

Cost for flood insurance for a single family residence in Huntington Beach can vary from $ 700- $1400 a year premium. If no existing policy is in force and the Federal Flood Maps declare the subject house in a flood plane, you can not get a loan. In some cases the existing policy is assumable. There is only one source for Flood Insurance- FEMA our Federal Government.

It does not cover 100% of loss. There are a couple areas in Orange County which require flood insurance, if you are on a creek bed or flood plane you may not even be aware that flood insurance is now required.

Be careful when doing a short sale OWNER OCCUPIED only

 California Code Civil Procedure Section 580(b). applies to purchase money loans and purchase money loans on residential 1-4 units owner-occupied.
The code states:
"No deficiency judgment shall lie in any event after a sale of real property or an estate for years therein for failure of the purchaser to complete his or her contract of sale, or under a deed of trust or mortgage given to the vendor to secure payment of the balance of the purchase price of that real property or estate for years therein, or under a deed of trust or mortgage on a dwelling for not more than four families given to a lender to secure repayment of a loan which was in fact used to pay all or part of the purchase price of that dwelling occupied, entirely or in part, by the purchaser."
Applies to two types of loans:
1. purchase money loans and
2. seller carry back loans.
Seller carry back loans are not entitled to seek a deficiency judgment against the borrower.† However, there are exceptions under California (case law) that does permit the seller to recover against the borrower under certain circumstances.
As for the purchase money loans - no deficiency if it is owner-occupied, residential one to four.†
What does that exclude? vacation homes,
home-equity lines of credit (HELOC),
investment properties where the borrower does not reside there, apartment buildings more than 4 units.
These loans are commonly referred to as "non-recourse" loans because lenders on these types of loan know their only recourse is the property.

Chronic Tacos Yum

  

Chronic Tacos 34255 Pacific Coast Highway Dana Point, CA 92629-3809 (949) 481-3726

Owners Daniel A. Biello and Randall L. Wyner

I love Chronic Tacos. The ingredients are fresh. I like to watch them cook right in front of me. Their burritos are so fat you can’t hold them without five napkins. They ought to change the name of the burrito to the football, because it’s just about that size. Most Mexican food can’t be considered healthy but if you pick the right items Chronic offers a menu that is even good on a diet. Just avoid the chimicanga, fried items and chips and you can go home guilt free.

The line moves quickly and you tell them just how you want it and they will even offer free advice on their grilled mahi mahi.I don’t eat beef and pork but my son swears by their carne asada as grilled tender cuts of beef with plenty of flavor. IF you are watching your weight – get a tostada without the shell, go light on rice and beans (not refried) and pile on the veggies (light on the avocado – I believe avocado makes just about everything in the universe right. —you need a little good fats in your diet so just a little guacamole). The pico de gallo (tomatoes, onions, garlic and lime is made in batches during the day

The prices are reasonable. A burrito ranges from $ 4.75- $ 6.79 depending on the meat or fish you choose, just right for your budget.

Their menu says they have 27 locations but the best is in Dana Point, but the Corona Del Mar one is just as friendly. They also have a location in Newport, Huntington Beach, and Two in Mission Viejo and surely somewhere near you. If you are in a splurge mood go crazy and get pork tamale and a beer and sit outside on the casual tables and chat with the locals. They say they are franchising everywhere. I hope they keep a tight reign on franchisees because the secret is consistency.

 There used to be a wine bar next door but it a sign states a pancake place is coming. P. C. H. seems like a funny location for breakfast place to survive

Why won't Tony go live on TV with President Obama?

Sandy Rosenthal thank you for the image. Sometimes a picture tells it all.