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#1232341 - 08/13/09 07:02 PM Mobile Home Park/Flood Insurance
aanderson Offline
Member
Joined: Jul 2003
Posts: 54
I have Mobile Home Park where my borrower only owns the land. The mobile homes are owner occupied dwellings (leasing the lots from my borrower). What specific flood requirements must I meet in this case? I've ordered a flood determination and it has come back partially within the SFHA. Customer does not want to provide site specific info on the Mobile Homes since he doesn't own any of them.

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#1232527 - 08/13/09 09:13 PM Re: Mobile Home Park/Flood Insurance aanderson
VRV Offline
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Joined: Jun 2007
Posts: 173
If you are not taking a lien on any of the mobile homes and there are no other walled,roofed structures on the land you are taking as collateral, then FDPA rules would not apply to your loan. If there is a walled,roofed structure on the land, then you would need to require flood insurance if the building sits in the portion of the land that is in a SFHA. With some additional information provided to them, your vendor should be able to advise whether or not the building sits in the SFHA. If the mobile homes are not permanently affixed to the land, then the FDPA rules would not apply even if you were taking a lien on them.

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#1232531 - 08/13/09 09:17 PM Re: Mobile Home Park/Flood Insurance aanderson
Bville Offline
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Bville
Joined: May 2001
Posts: 1,282
Out West
If you are not taking the mobile homes as security you don't need to worry about flood insurance on them. Are there any buidings in the park that are part of your security, perhaps a club house for the tenants use? If so, you need to determine if they are included in the flood zone, send the notice and require insurance.

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#1232746 - 08/14/09 01:44 PM Re: Mobile Home Park/Flood Insurance Bville
aanderson Offline
Member
Joined: Jul 2003
Posts: 54
Thanks for the responses!

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#2173176 - 04/12/18 02:19 PM Re: Mobile Home Park/Flood Insurance aanderson
Still Smiling Offline
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Joined: Nov 2007
Posts: 767
I need to resurrect this old post please.

We have a similar situation---commercial loan on mobile home park (land) in a participating community and the mobile homes belong to tenants. It is my understanding that the mobile homes are owned by other individuals who are renting the lot space and they are not permanently affixed to property.

Do we need flood insurance and if so how would you do this our borrower doesn't own the mobile homes? Also I called my self researching this, however I cannot find an exclusion for this...a cite would be great if anyone has that.
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#2173178 - 04/12/18 02:23 PM Re: Mobile Home Park/Flood Insurance aanderson
raitchjay Offline
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Joined: Oct 2009
Posts: 8,593
OK
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I'm fixin' to fix that.

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#2173187 - 04/12/18 03:10 PM Re: Mobile Home Park/Flood Insurance aanderson
Still Smiling Offline
Platinum Poster
Joined: Nov 2007
Posts: 767
Thank you very much!
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Comments are strictly my own and not that of my employer.

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