BP Settlement Rental House

The rental houses especially in Florida was hit hard by the BP oil spill and the media and its hysteria. Now that the BP settlement is underway and already agreed to in principal its time to get your claims in for loss of income from rental houses in the effected area. I would say beach houses anywhere from New Orleans to Key West should be good on claims as long as you can document the losses.

Rental House In The BP Settlement

No matter if you have a rental house in Florida but you like in Europe or you have multiple houses that you run as a business, its a fact that the rental in Florida, Alabama and Mississippi took a hard hit in 2010, now its about time that BP pays for it. So if you have not taken a final payment yet on your rental house its time to get ready for the BP settlement process that could start as soon as April 16 2012. I will try and give you an over view below of what you need to give the attorneys for them to file your claim.

Remember it could be you have multiple claims not just the loss of rental, every situation is unique and it could be your situation has more than one claim so look around on this website and see all the claims that you can file in the BP settlement and tell your attorneys about all the claims that applies to your case.

Documentation Needed For Loss Of Rental Claim In BP settlement

First you take the worst 3 month of 2010 and show proof of the income in those month, then you compare that to the same month in 2009, or an average of 2007-2009 what ever maximize your claim amount. Document that you are the owner of the house and show tax returns of your income from the house. This should be all the attorneys need to file your claim with the BP settlement.

Payout For Loss Of  Rental In The BP Settlement

Now the BP settlement is still not court approved but it looks like you will get 3.5 times your 2010 losses, you find your losses as state above. That means a $20,000 reduction in rental income in 2010 should result in a $70,000 offer from the BP settlement. Now we will know the final multipliers on April 16 when the final settlement document has to be presented to the courts but that is what we expect right now.

Loss Of Rental BP Settlement Attorney

Now to go though the BP settlement you need an attorney to present your case, you fill out the form on the right and that will get you in contact with great BP settlement attorneys that will work your case up and make it ready for the BP settlement. Don’t delay getting an attorney as they have some work to do on your case before its ready to be submitted to the BP settlement.