Wednesday, April 07, 2010
Keeping Up and Down With FEMA
Living in a Federally declared disaster zone can have benefits that extend beyond those directly affected by the recent flooding. Taxpayers who live or operate businesses in counties designated as federal disaster areas will have certain IRS deadlines postponed until May 11, including the April 15 deadline for filing individual income tax returns, making income tax payments and making 2009 contributions to an individual retirement account. In New Jersey, Atlantic, Bergen, Cape May, Essex, Gloucester, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset and Union counties were declared federal disaster areas.
On the other hand,home buyers and sellers trying to close a home sale thugs month are facing unexpected hurdles. FEMA has informed mortgage company servicers that "Any appraisal with an inspection date of 3/29 or prior will require re-inspection by the original appraiser and contain the following wording: "...I certify that the inspection revealed no physical damage to the property OR neighborhood…"
If that weren't frustrating enough, all properties under contract in Flood Areas still require flood insurance that can't be bought until Congress extends that provision in yet another bill that was delayed until after their Easter Break.