What is the name of your state (only U.S. law)? -California-
My townhome is in Flood Zone area (Santa Ana,Ca 92703). After Chase bought the loan from my previous mortgage lender(Washington Mutual) , Chase requires me to buy the Flood Insurance coverage to maximum $250,000 (My current principal balance is only about $ 92,700. )
According to the Web site of National Flood Insurance Program: " The coverage needed on your flood insurance policy must be equal to the lesser of the following:
1/Maximum amount (currently $250,000)
2/Principal balance of the mortgage
3/100% full replacement cost value.
In my case,the lesser is the principal balance ($92,700). One thing here is in the letter Chase sent me,Chase did not list Item no.2 above( I believe they gave me Misleading information or they were hiding it from me ?). Also ,during the last 10 years with Washington Mutual (and some other Lenders,they only required me to buy Flood Ins. up to the Loan amount and I never had any problem with these previous Lenders about this Flood Ins.) .
I already bought a Flood Ins. policy coverage to $92,700 and sent to Chase but they still rejected it . Please advice.Thanks.What is the name of your state (only U.S. law)?
My townhome is in Flood Zone area (Santa Ana,Ca 92703). After Chase bought the loan from my previous mortgage lender(Washington Mutual) , Chase requires me to buy the Flood Insurance coverage to maximum $250,000 (My current principal balance is only about $ 92,700. )
According to the Web site of National Flood Insurance Program: " The coverage needed on your flood insurance policy must be equal to the lesser of the following:
1/Maximum amount (currently $250,000)
2/Principal balance of the mortgage
3/100% full replacement cost value.
In my case,the lesser is the principal balance ($92,700). One thing here is in the letter Chase sent me,Chase did not list Item no.2 above( I believe they gave me Misleading information or they were hiding it from me ?). Also ,during the last 10 years with Washington Mutual (and some other Lenders,they only required me to buy Flood Ins. up to the Loan amount and I never had any problem with these previous Lenders about this Flood Ins.) .
I already bought a Flood Ins. policy coverage to $92,700 and sent to Chase but they still rejected it . Please advice.Thanks.What is the name of your state (only U.S. law)?
