Getting Financial Help after Tornados and Wildfires

Posted April 11, 2012 in Banking Law by Arthur Buono

Extreme weather has wreaked financial havoc nationwide, including Spring wildfires burning throughout the country. Meanwhile, the traditional boundaries of Tornado Alley – Texas, Oklahoma, Kansas Nebraska and South Dakota — may be expanded to include 11 states in the Midwest and Deep South, because the frequency and severity of tornadoes in those areas is much more widespread than commonly believed. Click here to see the new map

Banks are said to be stepping up with low-cost loans. What financial help is available to tornado victims?

Private Lenders Bridging Gap to Insurance, Government Assistance

 

Your bank can help in the short-term at least. It may waive overdraft fees, let you delay scheduled loan payments and offer short-term, low-cost personal loans to help you get by. This can all help, especially if you must wait weeks or longer for adjustment and payment of an insurance claim.

Beyond that, and for the longer-term, you should look to federal and local sources of disaster assistance. This includes help with temporary housing, financial assistance, tax relief, special disaster unemployment compensation and other assistance.

These government resources should be your first thought if you need financial assistance in Irene’s wake. They’re your best bet for timely and fair help. Remember, when you’re down and out there’s probably someone out there who wants to take advantage of you financially. Don’t fall prey to frauds, scams, and gouging out of desperation.

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