Our borrower has verbally notified us of his intent to file bankruptcy.
Flood insurance on his building expires tomorrow.
Should we and can we start the notification process?
I understand there are restrictions on communicating with a borrower who has filed for bankruptcy but I do not know all the details.
Thanks!

We are in the same boat with a very large commercial property. The loan is in bankrupty and the already force placed flood insurance is about to expire. Can we continue the force placement and charge the loan for the premium? And who do we send the notice to...the lawyer?

The requirements of flood insurance is a matter of Law and you have to follow those requirements. In the case of a bankruptcy I would advise all notices be sent through the borrower's attorney.

Thanks Dan...will do!!