Sandy victims choose to walk away from mortgages
Costs to rebuild outweigh incoming benefits
Victims of Hurricane Sandy are making the tough decision to walk away from their homes instead of rebuilding. Ultimately, the cost to rebuild is too much for families to afford. Per USA Today:
"It's very common," Keyport bankruptcy attorney Warren Brumel said. "The combination of the FEMA benefits and flood insurance and homeowners' insurance payments is just a fraction of the total cost of rebuilding the house. Clients are telling me, 'I have $80,000 in checks but it's going to cost $130,000 to rebuild.'"