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#1761528 - 11/28/12 03:13 PM Escrow for abundance of caution property
Patricia Offline
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Joined: Mar 2011
Posts: 327
Kansas
Bank made a loan on primary residence not in a flood zone and then took a second home as an AOC which is in a flood zone. We obtained proof of insurance. Do we need to escrow flood on the AOC property? We are escrowing for taxes/insurance on the primary residence not in a flood zone but not escrowing taxes/insurance on the AOC property.

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Flood Compliance
#1762172 - 11/29/12 03:45 PM Re: Escrow for abundance of caution property Patricia
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 327
Kansas
bump

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#1762177 - 11/29/12 03:50 PM Re: Escrow for abundance of caution property Patricia
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,418
Bloomington, IN
If you are requiring escrow for taxes and insurance then you must escrow for flood insurance where required. I'm not aware of any exemptions for a loan secured by multiple properties.
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The opinions expressed are mine and they are not to be taken as legal advice.

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