Posted By: Tillie
Returned mail - 10/15/14 06:02 PM
Borrower has not renewed flood insurance for his business so a notification wast mailed to the address of record. Notification was returned undeliverable without a forwarding address. Another notification was mailed to the address of the property (owner's address vs address of business). That notication was also returned undeliverable with no forwarding address.
What should we do next? Phone calls to borrower have not been returned.
Thanks for any help!
Posted By: rlcarey
Re: Returned mail - 10/15/14 07:10 PM
Call the loan and start foreclosure
Posted By: John Burnett
Re: Returned mail - 10/15/14 08:19 PM
As foreplay to Randy's event, you might attempt a site visit (or have an agent do one if the site is too far removed from y'all). Sort of get the lay of the land, and then go for the legal action.
Posted By: rlcarey
Re: Returned mail - 10/16/14 03:45 PM
To the original question, you would force place the flood insurance and charge the customer for the premium after the 45 day letter that was mailed expires ()even if it was returned). If you cannot deliver the notice to the borrower, then you can't deliver the notice.
I agree with John and Randy and also echo the "call the loan" statement. If your borrower does not communicate with you when they move, won't allow mail to be delivered, etc., they are dodging you on a collections issue as well. I'm certain this is in your loan agreement and they have violated the legal requirements of the loan.