HUD ML 2012 19 Hazard and Flood Insurance Requirement Reminder
On September 20, HUD issued Mortgagee Letter 2012-19 entitled Hazard and Flood Insurance Requirement Reminder.
Hazard and Flood Insurance Requirement Reminder
The purpose of this Mortgagee Letter is to remind mortgagees of HUD’s existing servicing procedures as they pertain to releasing hazard insurance proceeds for damaged properties securing Federal Housing Administration (FHA) insured mortgage loans. At this time, a reminder of HUD’s policy related to hazard insurance proceeds is especially important due to the extent of the devastation caused by Hurricane Isaac in parts of Louisiana and Mississippi.
To view the Mortgagee Letter in its entirety, please click here.
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with nearly 1,000 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.