"Notice of Special Flood Hazards Availability of Federal Disaster Relief Assistance" is a American Lawyer Media form. This form servesnotice to special hazards availability of Federal Disaster Relief Assistance.
"Notice of Special Flood Hazards Availability of Federal Disaster Relief Assistance" is a American Lawyer Media form. This form servesnotice to special hazards availability of Federal Disaster Relief Assistance.
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Designated loan means a loan secured by a building or mobile home that is located or to be located in a special flood hazard area in which flood insurance is available under the Act.
A good way to figure that out is on a FEMA flood map. The map shows each community's risk of flooding, including specific flood zones and their boundaries. Simply enter your address on the flood map to pull up a record of your area.
Flood insurance will be required if the home equity loan is secured by a building or mobile home located, or to be located, in an Special Flood Hazard Area (SFHA) in which flood insurance is available under the National Flood Insurance Act.
The intended purpose of the loan, as opposed to the collateral, is the critical factor in the applicability of the flood insurance rules. Institutions may charge a fee for life-of-loan monitoring.
(1) A warning, in a form approved by the Administrator of FEMA, that the building or the mobile home is or will be located in a special flood hazard area; (2) A description of the flood insurance purchase requirements set forth in section 102(b) of the Flood Disaster Protection Act of 1973, as amended (42 U.S.C.
The minimum amount of flood insurance required must be at least equal to the lesser of the outstanding principal balance of the loan, the maximum amount available under the NFIP for the type of structure, or the insurable value of the property.
The FDPA requires federal financial regulatory agencies to adopt regulations prohibiting their regulated lending institutions from making, increasing, extending or renewing a loan secured by improved real estate or a mobile home located or to be located in an SFHA in a community participating in the NFIP unless the ...