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#2101176 - 09/30/16 02:56 PM Property Pledged by 3rd Party
TMatt87 Offline
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TMatt87
Joined: May 2011
Posts: 1,987
Idaho
I have a situation that I haven't run into before, that I need some help on. We have a property that is in a flood zone, but our borrower doesn't own the property. A third party is pledging the collateral. Do we give the flood notice to the borrower, the 3rd party pledging the collateral, or both?
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Flood Compliance
#2101181 - 09/30/16 03:04 PM Re: Property Pledged by 3rd Party TMatt87
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
The borrower.
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#2101192 - 09/30/16 03:14 PM Re: Property Pledged by 3rd Party TMatt87
TMatt87 Offline
Diamond Poster
TMatt87
Joined: May 2011
Posts: 1,987
Idaho
Thanks Randy!
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#2106443 - 11/08/16 08:50 PM Re: Property Pledged by 3rd Party TMatt87
ckme Offline
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ckme
Joined: Sep 2002
Posts: 255
new angle on this one... making a new loan and it is secured by a dwelling (owned by a 3rd party) that is in zone A, do we have to escrow? The escrow would be paid by the borrower, but on property owned by the 3rd party. Any ideas?

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