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#673286 - 01/26/07 05:41 PM Property in flood zone after map update
joeball Offline
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joeball
Joined: May 2004
Posts: 178
Bluegrass State
We have a property that was previously located outside of a flood hazard area. After a map update the property is now located in a flood hazard area. We have notified the customer however, what is the timing requirements for them to obtain the insurance? Would the force placement timing requirements apply in this situation?

Thanks
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Lending Compliance
#673303 - 01/26/07 05:46 PM Re: Property in flood zone after map update joeball
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
The customer has 45 days to acquire the required insurance. If they do not then you must forceplace.
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#673308 - 01/26/07 05:47 PM Re: Property in flood zone after map update joeball
Tom Easterday Offline
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Joined: Oct 2000
Posts: 140
Orange County, CA
Yes. See the "Mandatory Purchase" book, page 37.
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