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#1025659 - 08/21/08 09:41 PM Flood Insurance on Titled MH
CompQueen Offline
Junior Member
Joined: Mar 2007
Posts: 35
We are taking a deed of trust on land only. However, there is a titled mobile home on this land that is the borrowers residence. Since we are only taking the land do we need to do a flood determination? Does HMDA and a right of recision apply also?

Thanks for any response you give.

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Lending Compliance
#1025690 - 08/21/08 10:14 PM Re: Flood Insurance on Titled MH CompQueen
Ray_ Offline
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Joined: Aug 2006
Posts: 879
Dallas, TX

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#1025915 - 08/22/08 01:12 PM Re: Flood Insurance on Titled MH Ray_
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
FWIW, we have done this on several occasions and we were instructed by our compliance consultant to be sure that we specifically write-out of the mortgage any security interest in the mobile home (i.e., put the year, model & serial #'s so it's very clear that you are not taking a security interest in the home). Otherwise, if you do not (which we have done by accident), you must get flood insurance if they are in a flood zone....or make a correction to your mortgage ASAP!

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