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#611742 - 09/11/06 07:22 PM Flood
Still Here Offline
Member
Joined: Apr 2006
Posts: 79
Midwest
If we have to force place insurance on a structure worth $100,000 but our loan is for only $10,000, is $10,000 the amount we have to force place?
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God is teaching me patience and equanimity, I can't wait till it's over.

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#611743 - 09/11/06 08:16 PM Re: Flood
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
Yes.

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#611744 - 09/11/06 08:29 PM Re: Flood
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
yes
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My opinion only. Not legal advice.

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#611745 - 09/12/06 01:18 AM Re: Flood
Dollye7 Offline
Gold Star
Dollye7
Joined: Jun 2006
Posts: 255
Southwest USA
Yep!

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#611746 - 09/12/06 12:41 PM Re: Flood
Still Here Offline
Member
Joined: Apr 2006
Posts: 79
Midwest
thanks!
_________________________
God is teaching me patience and equanimity, I can't wait till it's over.

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#611747 - 09/17/06 08:38 PM Re: Flood
Bville Offline
Diamond Poster
Bville
Joined: May 2001
Posts: 1,282
Out West
Does it make any difference if the loan you are force placing on is a first lien or a second lien? If it was a new loan you would have to require flood insurance at an amount high enough to cover all liens. Does the same hold true when force placing flood insurance on an existing loan?

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#611748 - 09/17/06 09:40 PM Re: Flood
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Yes.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
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