What to Do After a Flood
The Minnesota Department of Commerce urges homeowners affected by flooding or other severe storm damage to begin communicating immediately with their insurance companies. The Commerce Department recommends that affected homeowners take the following three steps to begin the claims process.
Call Your Lender Immediately About Mortgage Payments
Homeowners affected by flooding or other severe storm damage should immediately contact their lenders about mortgage payments. The sooner banks and mortgage holders know about an emergency financial situation, the easier it might be to negotiate an alternative payment plan.
As the chief regulator for state chartered banks, the Department of Commerce encourages bankers to work constructively with borrowers in communities affected by flood and storm damage. Those that do will not be subject to examiner criticism. Federal bank regulatory agencies have issued similar communications in the past.
The Minnesota Department of Commerce has assembled information and resources for victims of severe weather-related damage related to home insurance, auto insurance and mortgages in our Handling your Finances after a Disaster publication.