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#2016609 - 05/28/15 04:00 PM ESCROW AND FORCE PLACING INSURANCE
LOVEFLOOD Offline
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LOVEFLOOD
Joined: Sep 2014
Posts: 12
We have a loan that is escrowed, a bad loan, we have filed suit and because the escrow balance is negative I am being told to force place the insurance. In this case, since we have filed suit, do I have to send the 45 day notice letters and not charge the loan until the 46th day?

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Escrows on Higher-Priced Mortgages
#2016894 - 05/29/15 02:07 PM Re: ESCROW AND FORCE PLACING INSURANCE LOVEFLOOD
NSF, CRCM Offline
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NSF, CRCM
Joined: Apr 2013
Posts: 410
VA
I know of no exemption to the notification requirement before charging them for force placed flood insurance.

We have encountered this situation a few times and always send the notice to the customer and then wait to charge them for the insurance.
Last edited by NSFW; 05/29/15 02:08 PM.
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It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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#2017225 - 05/31/15 03:10 PM Re: ESCROW AND FORCE PLACING INSURANCE LOVEFLOOD
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,618
Galveston, TX
You really need to be talking to your attorney regarding what you can and cannot do in the middle of foreclosure proceedings.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2017312 - 06/01/15 03:58 PM Re: ESCROW AND FORCE PLACING INSURANCE LOVEFLOOD
LOVEFLOOD Offline
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LOVEFLOOD
Joined: Sep 2014
Posts: 12
Thank you for your responses!

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