Force place flood insurance process

Posted By: Wanna Know

Force place flood insurance process - 06/06/19 05:21 PM

Do you know or can you find out please:

If your bank has to force place flood insurance what is their process?

Do they set up or add to the existing escrow/impound account, add it to the loan amount or use a suspense account, etc?

I am trying to get a feel of what other banks are doing.

Thank you.
Posted By: rlcarey

Re: Force place flood insurance process - 06/06/19 05:30 PM

This is mainly going to depend on what your loan and security agreement indicate will happen.