#178498 - 04/09/0408:14 PMFlood Determinations on properties in trust
Anonymous
Unregistered
If a loan officer gives a loan on a piece of property, but the property is in a trust with several other pieces of properties, so they collateralize the loan with an assignment of interest in the trust-do those other properties need to have a flood determination or just his intended collateral?
Any thing you take that has a structure on it would need flood certification. Abundance of caution, for instance, does not relieve you of the requirements.
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My opinion only. Not legal advice.