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#2263697 - 12/15/21 10:23 PM Loan Matured
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 127
We have a loan that is coming up for Maturity and the property is in a flood zone which we have forced placed due to borrower not keeping up his policy. My question is can we renew (change in terms) the loan to extend maturity with a forced placed policy or do we have to have the customer purchase the policy on their own in order to renew?

Thank you

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Flood Compliance
#2263698 - 12/15/21 10:51 PM Re: Loan Matured Nicole
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 78,618
Galveston, TX
You can - the question is do you want to? They are in default on your loan agreement; I would not be cutting them much slack.
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