Homeowner Flood Woes, Demolition costs and stuck with a 30 year mortgage!

Recently flood waters did a great deal of damage in the Greater Milwaukee area, which is my original home. I have heard from many about the basements that flooded and items that were lost. Some due to sewer back up some due to rain water accumulation, or swollen water ways. Many are hearing "NO" from insurance companies. As a real estate professional I want to get the word out so that others understand what could happen post flooding. Yes, the insurance companies will say "no", but even further, the city/municipality will bill you for the cost of demolition if the home becomes deemed an unsafe structure, finally, the mortgage company will NOT forgive the balance of the loan! These are all things to ask about as loan docs are presented pre-closing on a new mortgage or a refinance. Also, asking the insurer if the policy will cover a needed demolition is wise! Watch the video show casing the misfortune of a Milwaukee homeowner, Tanesha James. My heart goes out to her and the other recent and not so recent flood victims in the world. This is a likely a precursor to filing bankruptcy for most.