Major damage caused by Hurricane Harvey, Insurance not covered

[Jeff McIntyre]

I own a single family rental property in Houston that was ravaged by Hurricane Harvey. I bought the home from Memphis Invest in the summer of 2015. They have been very helpful with information and updates through this disaster.

The home was flooded with approx. 5 feet of water throughout. I have no idea what the costs are going to be associated with this yet.

My homeowners insurance doesn't cover for flood and FEMA declined to provide assistance because it is not my primary residence.

Looking for some advice and maybe the contact info for a Texas real estate attorney....

1. The house is worth $145k.....Does it make sense to spend $50k or more on repairs??

2. Should I consider walking away from the mortgage and letting the bank foreclose?

3. Any other suggestions?

Thanks for any advice.....

Concerned..