A few months ago it was determined that one of our borrowers had inadequate flood insurance so we had to force place the difference. Now, his initial policy has lapsed. Do we need to give the borrower a 45 day letter or can we force place the shortage?

You can't have two flood policies. YOu would need to force-place the entire amount needed.

YOu will need to go through the process.

Are you saying we give him the 45 day notice and if he doesn't respond we increase the shortage on the policy that has not lapsed?

Are you saying we give him the 45 day notice and if he doesn't respond we increase the shortage on the policy that has not lapsed?

This is a consfusing circumstance, but MPPP insurance seems to be the answer.