Learn More - Click Here!

Thread Options
#889944 - 01/18/08 01:57 PM Flood determination and mobile homes
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 442
U.S.
Can anyone shed some light on flood determinations and mobile homes? We have loans that are secured by dirt and mobile homes and some that are the mobile homes only. Do we have to perform a flood determination on both types of loans or just the loans secured by dirt and the mobile?

Return to Top
#889972 - 01/18/08 02:39 PM Re: Flood determination and mobile homes complyorelse
Skittles Online
10K Club
Skittles
Joined: Sep 2002
Posts: 13,963
TN
Yes, a flood determination MUST be performed when you take a mobile home as collateral whether you take the 'dirt' or not.
_________________________
My Opinions Only

Return to Top
#889973 - 01/18/08 02:39 PM Re: Flood determination and mobile homes complyorelse
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
Both, if the mobilehome is no longer readily movable. Generally, the tires are off and it's sitting on piers and anchored. IF that is the case, you must pull flood. (This is covered well in the Mandatory Purchase guidelines. I believe you will find this on page 31)
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top

Moderator:  Lestie G