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#1493876 - 01/12/11 04:36 PM Force place per customers request
shea930 Offline
Gold Star
Joined: Dec 2008
Posts: 267
We have a loan where the flood insurance policy just expired last week and we have sent out our 45 day letter. The customer contacted the bank and requested that we force-place insurance on the loan because he could not afford to pay the premium at this time. Do we need to wait the full 45 day period or can we go ahead and force place?

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Flood Compliance
#1493916 - 01/12/11 04:56 PM Re: Force place per customers request shea930
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
To my knowledge, you'll still have to wait.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#1493936 - 01/12/11 05:07 PM Re: Force place per customers request RR Joker
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
In the meantime, add this loan to your watch list of troubled assets.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1493994 - 01/12/11 05:28 PM Re: Force place per customers request rlcarey
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,616
SC
And check to see if they've paid the taxes and hazard insurance on the property while you're at at.

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