Escrow for abundance of caution property

Posted By: Patricia

Escrow for abundance of caution property - 11/28/12 03:13 PM

Bank made a loan on primary residence not in a flood zone and then took a second home as an AOC which is in a flood zone. We obtained proof of insurance. Do we need to escrow flood on the AOC property? We are escrowing for taxes/insurance on the primary residence not in a flood zone but not escrowing taxes/insurance on the AOC property.
Posted By: Patricia

Re: Escrow for abundance of caution property - 11/29/12 03:45 PM

bump
Posted By: Dan Persfull

Re: Escrow for abundance of caution property - 11/29/12 03:50 PM

If you are requiring escrow for taxes and insurance then you must escrow for flood insurance where required. I'm not aware of any exemptions for a loan secured by multiple properties.