Scott, it might be a case of "the early birds caught all the 70% worms", knowing that the late-risers such as yourself will pay them 80% to regurgitate those worms!

OF course the guru's hammer on it. and many on BP just regurgitate it.

I am by no means an expert on this and am simply regurgitating experiences of other investors I have worked with, but in this scenario the dwelling itself would not be treated as having been in the floodplain. 

@Mark De sagun Eagledale is an area that gets regurgitated every 3 years.

This is a common misconception and the bad information continues to be regurgitated throughout our industry.

@Anthony SmokeYou've got some good answers already so I won't regurgitate, just wanted to add that questions like this are plan specific so it is best in the future to contact your plan document provider who can provide you more accurate guidance based on the features your plan has.

First, they generally regurgitate the same information so less than 10% is applicable to me.

contrary to guru speak and those on BP that regurgitate equitable interest  a small EM deposit on a contract is NOT equitable interest.. 

This can be regurgitated by someone operating out of India.

Those who suggest to do a "DEED IN LIEU" when there are second and third mortgages - are just regurgitating GURU tactics that are silly for this scenario.