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Financial Obligations for Victims of Hurricane Harvey

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Hurricane Harvey is not yet done with the residents of the Gulf Coast. However, in these hard times, many homeowners have pleaded with the state and the federal governments to assist them in rebuilding and repairing their destroyed homes and businesses. However, this can only be possible through loans meaning that the people who can’t afford to pay are in deep trouble. Learning from past victims such as those of hurricane Katrina, they will confront you with three truths. First, they will tell you that acquiring an aid for reconstruction is one of the toughest things especially following a disaster like Hurricane Harvey. They will confess to you that the aid you receive may be insufficient to rebuild or reconstruct. Finally, the aid brings about a financial debt that may take years to pay fully. On its part, the US government says that the federal programs that are in place are supposed to supplement. This is unlike the notion that they should replace the financial buffers and insurance obligations following a catastrophe of this nature. According to Mark J. Peterson who is a spokesman for the Federal Emergency Management Agency, he noted that close to 40,000 households and businesses from the Texas area have applied for the financial aid.

According to financial experts, much of the damage has been caused by flooding. This is a problem as only a few number of people have taken flood insurance cover. The case is also difficult for those who have a cover for floods as the damage is quite big meaning that they will require costs that are beyond their cover. James Riley is one of the victims of the storm. He is from the Texas City of Rockport. He notes that his home was reduced to shattered furniture and a pile of timber. However, he managed to move to a shelter that is four hours from his home where his family and two dogs currently live. After this process, he noted that he moved to the next urgent task of asking help from the DisasterAssistance.gov. Once he contacted FEMA, he got the shock of a lifetime when they suggested to him to take a small business administration loan. He expressed his dissatisfaction on Twitter questioning how he could apply for a loan yet he was a person, not a small business. However, this is what goes on in most cases. The government can offer loans of between $40,000 and $200,000 to people recovering from a disaster.

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