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#2243958 - 10/13/20 03:01 PM Force Placed Property Insurance & Bankruptcy
crcmnot Offline
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Joined: Sep 2016
Posts: 331
We (Lender) have purchased property insurance for a customer that had let their insurance lapse; we have paid the premium. We sent out the first required letter to the customer advising them of the purchase & premium amount but before we could send out the 2nd notice we received notice that the customer has filed bankruptcy. Are we still able to send out the 2nd notice so that we can charge the premium to the loan? I am assuming that we cannot and that we now have to eat the premium.

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Lending Compliance
#2243959 - 10/13/20 03:41 PM Re: Force Placed Property Insurance & Bankruptcy crcmnot
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,241
Galveston, TX
That is a question for the attorney that handles your bankruptcy cases.
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#2244000 - 10/13/20 09:57 PM Re: Force Placed Property Insurance & Bankruptcy crcmnot
crcmnot Offline
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Joined: Sep 2016
Posts: 331
Thanks Randy

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