Cassandra called and answered several of my questions regarding the Road Home letter we received last week. She had to call Washington for clarification, but I'm happy to report that the math works, though there are still many other problems that we need to work out, mostly related to Allstate.
~The Road Home estimated that our house was worth $146,154 before Katrina. I still have no idea how they determined this. It might be what we owed on the mortgage in August of 2006. Someone else said maybe it was property tax. I have a call in to Cassandra to find out more about this important number.
~The Estimated Damage to our home according to the Road Home was $289,363.80. That seems very high, especially if it was worth around $175-200K before Katrina.
~Homeowner's Insurance Proceeds $12,495.67
~FEMA Assistance $0
~Flood Insurance Proceeds. They list $64,541 on the Road Home form, but National Flood has actually paid us $69,541.46.
~Penalty Assessed for No Insurance: $0.
So now at least the math works: $146,154 minus $12,495.67 and $69,541.46 equals $64,116.87, which is what the Road Home offered us in the initial letter, if we stay in Louisiana. I'm so happy that at least the math is accurate.
Now I need to do two things. First, I need to find documentation that our house was worth more than $146K before Katrina. I have the bill of sale for $157K in 2002. When we refinanced in 2004 it was valued at $175K. I was of the opinion that it wouldn't matter if it were 157 or 175, and anything over 150 we be treated the same. This doesn't seem to be the case. I'm now trying to contact my mortgage company/realitor to document the $175K. If I can't find that, then I will fax the Road Home the bill of sale for $157K. The second thing that I need to do is to convince the Road Home that Allstate has not paid us $12,495.67 for homeowners, instead they have actually paid us $3944.73. I'm thinking I might be able to get a letter from our mortgage company stating that and not have to deal with Allstate.