Skip to content

Flood on a Mobile Home w/Deck

Answered by: 

Question: 
We have a bank client who made a loan to a customer with property as collateral that is located in a flood zone. The property has a mobile home on it, but the bank only took the land as collateral. The mobile home is able to be moved from the property, but there is a deck around it that is attached to the property. Would this loan be required to have flood insurance even though the mobile home is not part of the collateral?
Answer: 

Since there is a deck around the MH you have to determine if the MH is now considered part of the real property. If it is your mortgage will automatically give you a security interest in it making the loan a designated loan.

Your taxing authority should be able to tell you if it is being taxed as real property or personal property.

First published on BankersOnline.com 2/7/11

First published on 02/07/2011

Filed under: 
Filed under security as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics