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#1075425 - 11/03/08 06:19 PM Letters of Credit - Flood Insurance Apply?
LA LA Offline
Junior Member
Joined: Nov 2008
Posts: 38
Would you follow normal flood insurance procedures with a Letter of Credit? Also, would you have to maintain/monitor flood insurance on a charged off loan?

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Lending Compliance
#1075450 - 11/03/08 06:47 PM Re: Letters of Credit - Flood Insurance Apply? LA LA
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
#1. Yes, http://www.bankersonline.com/forum/ubbth...rue#Post1049651

#2. Until you take ownership of the property, or forgive the loan, it is still a designated loan.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1075537 - 11/03/08 07:48 PM Re: Letters of Credit - Flood Insurance Apply? Dan Persfull
LA LA Offline
Junior Member
Joined: Nov 2008
Posts: 38
I agree with your answers. Thank you!

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