MILWAUKEE – Housing experts are stepping in to help residents impacted by the historic floods navigate the complex recovery process and avoid financial pitfalls that could affect them for decades.
While the streets have mostly cleared, the aftermath of the floods is piling up for many residents trying to rebuild their lives.
"There's a lot of frustration, there's a lot of anger," said Emmett Gross, home retention manager with Housing Resources Inc. "Applying for FEMA or other assistance, and just having trouble getting through the application process, because it's really not as simple as you think it would be.”
Gross's job is to help homeowners, and one thing he always advises is to save everything.
"Take photographs if you have already had work done, make sure you're getting receipts on the work that's done. Making sure that you're keeping copies of any communication with anyone, really, insurance companies, FEMA, anything like that, especially if you have problems down the road, we can help try and sort through all that stuff," Gross said.
He also warns residents to beware of quick fixes, though he acknowledges that's not always easy to do when you're in crisis or survival mode.
Watch: Housing helpers share resources for residents impacted by floods
For instance, he cautions residents from pulling any money out of their retirement fund.
"The idea with the 401(k) is that money is supposed to last, you know, the last 30, 40 years of your life, and you can burn through it really quickly. And you know, depending on where you are in life, you may not have an opportunity to replace the money you take out of it," Gross said.
Curtis Szymcak, program manager for Housing Resources Inc., provides potential relief options for residents with student loans or certain credit cards:
Student Loans
If your federal student loan is affected by a natural disaster where you live, you may be eligible for disaster forbearance. Some key points to consider:
- If you live in a FEMA‐designated disaster area, you might qualify for administrative forbearance (payments are temporarily postponed or reduced) for up to 3 months. During forbearance, interest still accrues on the loan.
- If you were in school in the affected area and couldn’t complete your year because of the disaster, there are sometimes options to extend your “in school” status so you aren’t forced into repayment.
- For defaulted loans, there may also be a temporary pause of collection activities if you're in a disaster area.
- Some private student loan lenders might offer special accommodations, often called “hardship assistance,” “forbearance,” or “temporary payment postponement.
- Contact your student loan servicer as soon as possible to discuss options.
Credit Cards
Credit card payment relief is less consistently defined by federal law in disasters:
- Credit card companies may offer hardship programs. This could include waiving late fees, reducing interest rates temporarily, extending grace periods, or offering payment plans.
- Relief is not guaranteed and depends heavily on the lender. You’ll usually need to contact your credit card issuer and explain your situation.
- Contact your lender as soon as possible to discuss options.
While many may jump to get as much money as they can in the short term, Gross says his team is there to help residents plan for the long haul.
"The ripple effects can go out a long time. And so we want to make sure that people know that, you know, if they need help down the road, they can still ask for it," Gross said.
Two disaster recovery centers opened Monday to assist flood victims:
Milwaukee County DRC – City of Milwaukee
McNair Elementary School
4950 N. 24th St.
Milwaukee, WI 53209
Milwaukee County DRC – Wauwatosa
Wauwatosa City Hall
7725 W. North Ave.
Wauwatosa, WI 53213
Both centers will operate Monday through Thursday from 9 a.m. to 7 p.m., Friday and Saturday from 9 a.m. to 5 p.m., and will be closed on Sundays.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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