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Flood on a Mobile Home w/Deck

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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?

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 2/7/11

First published on 02/07/2011

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