Business information > Business articles > Journals > Finance journals > ABA Banking Journal > February 2005

Second mortgage and flood determination.(Brief Article)

Article from: ABA Banking Journal | February 1, 2005 | | Copyright

Q If a bank takes a second mortgage to secure a commercial loan, is flood insurance necessary?

A. Yes. According to the Federal Emergency Management Agency (FEMA) in the booklet Mandatory Purchase of Flood Insurance, 1999, p. 27, flood insurance is required. In addition, it is the responsibility of the subordinate lien-holder to determine that sufficient flood insurance is in force to cover …

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