We have a property we force placed insurance on a while back. We now own the property. How do I need to do my cancellation for the insurance? Does it have to be dated on the same day we took possession? Can we apply the refund to any amount of money we are owed? Thank you for any help.

You should credit the remaining pro-rated premium to the borrower's debt obligation. How you cancel the insurance - you would have to check with your insurance agent. I assume that the bank would maintain flood insurance of some sort on the property while it is in OREO.

thank you!