Thread Options
#2231693 - 02/25/20 10:46 PM Property goes into a flood zone
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
We mailed a notice to a borrower on Jan 13th that her property has be re-zoned into a flood zone - giving her the 45 days notice. We received a policy on day 43 BUT it doesn't go into effect until March 26, 2020. Do we have to force place for the interim or do we need the agent to change the effective date of the policy? Is there a 30 day waiting period on the effective date of a policy on a re-zoning? Thanks
_________________________
Just working here until I get my letter from Hogwarts.

Return to Top
Flood Compliance
#2231698 - 02/25/20 11:49 PM Re: Property goes into a flood zone HRH Okie Banker
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,290
Galveston, TX
There should be no delay - so either the agent changes the effective date or you need to force place for at least the gap between day 45 and the effective date.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2231737 - 02/26/20 03:49 PM Re: Property goes into a flood zone HRH Okie Banker
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Thanks. Exactly as we thought. We don't do enough, so thanks for helping us when we double check (a few months before the examiners arrive).
_________________________
Just working here until I get my letter from Hogwarts.

Return to Top