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#1969558 - 10/15/14 06:02 PM Returned mail
Tillie Offline
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Tillie
Joined: Apr 2003
Posts: 266
Borrower has not renewed flood insurance for his business so a notification wast mailed to the address of record. Notification was returned undeliverable without a forwarding address. Another notification was mailed to the address of the property (owner's address vs address of business). That notication was also returned undeliverable with no forwarding address.
What should we do next? Phone calls to borrower have not been returned.
Thanks for any help!

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Flood Compliance
#1969594 - 10/15/14 07:10 PM Re: Returned mail Tillie
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 80,393
Galveston, TX
Call the loan and start foreclosure
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1969640 - 10/15/14 08:19 PM Re: Returned mail Tillie
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,876
Cape Cod
As foreplay to Randy's event, you might attempt a site visit (or have an agent do one if the site is too far removed from y'all). Sort of get the lay of the land, and then go for the legal action.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#1969815 - 10/16/14 03:45 PM Re: Returned mail Tillie
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 80,393
Galveston, TX
To the original question, you would force place the flood insurance and charge the customer for the premium after the 45 day letter that was mailed expires ()even if it was returned). If you cannot deliver the notice to the borrower, then you can't deliver the notice.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1969966 - 10/16/14 06:41 PM Re: Returned mail Tillie
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I agree with John and Randy and also echo the "call the loan" statement. If your borrower does not communicate with you when they move, won't allow mail to be delivered, etc., they are dodging you on a collections issue as well. I'm certain this is in your loan agreement and they have violated the legal requirements of the loan.
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David Dickinson
http://www.bankerscompliance.com

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