Legal Question in Real Estate Law in Florida
Flood Insurance Requirement on Existing Mortgages
My mortage company recently "force complied" flood insurance on my property. I thought mortgages in existance prior to 1994 were excluded from this unless changed by refinancing, etc. (Mine wasn't changed.)
"I don't understand the phrase in 42USC 4012a:
(4) Applicability
This subsection shall apply to all loans outstanding on or after September 23, 1994."
Does this say my mortgage is included in the group requiring flood ins.? The mortage precedes the 9/23/94 date. What are my options?
Thanks.
2 Answers from Attorneys
Re: Flood Insurance
In addirion to the earlier reply, if the mortgage requires the insurance, the terms of the mortgage should take precedence.
Alexander M. Rosenfeld
Rosenfeld & Stein, P.A.
18260 NE 19 Ave
Flood Ins. Requirement for Outstanding Mtgs.
Q: My mortage company recently "force complied" and bought flood insurance on my property. "I don't understand the phrase in 42USC 4012a:(4)This subsection shall apply to all loans OUTSTANDING on or after September 23, 1994." Does this say my mortgage is included in the group requiring flood ins.? The mortage precedes the 9/23/94 date.
A. Outstanding on or after 9/23/94 in your case means any mortgage not fully paid off and satisfied before 9/23/94. Accordingly your mortgage is included in those that are required to carry flood insurance when in a flood prone zone per your survey.
William W. Fernandez
William W. Fernandez, Attorney at Law
250 Panama Road East
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