National Flood Insurance Program To Expire Again on 11/18/2011
REMINDER FOR EXPIRATION OF NATIONAL FLOOD INSURANCE PROGRAM
**** If you have a property in a FLOOD ZONE that will REQUIRE FLOOD INSURANCE, please instruct your Buyers/Borrowers to formally apply and PAY THE FLOOD PREMIUM IN FULL
PRIOR TO THE EXPIRATION DATE OF THE NFIP to avoid any closing delays. Your Mortgage Company must be able to verify the coverage will be binding at closing****
This is a reminder that the Federal Emergency Management Administration's (FEMA) authority to issue flood insurance policies under the National Flood Insurance Program (NFIP) will once again expire at midnight on Friday, November 18, 2011 unless it is reauthorized by Congress and signed by the President before that time.
If you have a subject property that requires Flood Insurance please keep in mind that in order for that loan to close after Friday, November 18, 2011, the borrower must formally apply and PAY the premium IN FULL by Friday, November 18, 2011, in order to avoid delays in closings that will occur after this date.
If the authority expires, without any new reauthorization, your Mortgage Company will not be able to close loans that require Flood Insurance after this date unless the policy was both applied for and the premium paid in full and the insurance agent can confirm the coverage will be binding without delay due to the lapse of NFIP authorization
Information from Lena M.S.Reid of CTC Lending LLC
National Flood Insurance Program To Expire Again on 11/18/2011
Buying or selling your home in Venice and the surrounding area, contact Venice REALTOR®. Kwee can assist you every step of the way, while keeping your best interests at heart.
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