HomeMy WebLinkAbout2000 - SFHA Bank of America .
Date: APRIL 23, 2000
Bank of America Mortgage
P.O. Box 2325
Coraopolis,PA 15108
DAVID LEVY
4505 W BRANCH RD Premium: 1,021.00
ORONO, MN 55364-8277 Surplus Lines Tax: INCL
Stamping Fee: INCL
Total Due: $1,021.00
Loan Number: 0041675703
Property Address: 4505 W BRANCH ROAD
ORONO MN 55364
Flood Zone: A FEMA Map #: 270178-0010-C
Dear Valued Customer:
Bank of America recently reviewed its mortgage portfolio and your property
referenced above is shown to be in a Special Flood Hazard Area (SFHA) . For
properties in a flood zone, we require flood insurance for the life of the
loan to insure against damage to or destruction of improvements to the
property by flooding. This is also required by The Flood Disaster Act of
1973, a Federal law.
The Flood Disaster Protection Act of 1973 and the National Insurance Reform
Act of 1994 require that flood insurance be purchased and maintained for the
life of the loan on mortgage loans for buildings located in Special Flood
Hazard Areas as shown on maps published by Federal Insurance Administration.
This applies to such loans from lending institutions that are under the
jurisdiction of a federal regulatory agency or instrumentality.
Therefore, if you do not have flood insurance, you should contact your local
insurance agent or a designated Federal Write-Your-Own (WYO) company to
obtain coverage.
The flood insurance policy must name Bank of America as the loss payee
in the appropriate lien position covering the lesser of 100% of the
insurable value of the structure(s) , or the maximum available under the
National Flood Insurance Program (NFIP) . Your insurance agent can
determine the insurable value of your dwelling.
If you believe you are no longer in an SFHA zone, then in lieu of evidence
of insurance, you must obtain either of the following from the regional
office of the Federal Emergency Management Agency (FEMA) :
A Letter of Map Amendment (LOMA) . A LOMA amends the currently
effective Federal Management Agency (FEMA) map and establishes that a
particular piece of property is not located in an SFHA. A LOMA results
from FEMA's administrative procedures whereby FEMA reviews scientific or
technical data submitted by the owner of the property who believes the
property has incorrectly been included in a designated SFHA. As part of
this process, you will have to provide a survey of your property showing
the insurable structure(s) . The cost of such a survey varies from area
to area but is generally between $300 and $1,000, and it is a cost which
you must bear.
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0000195-0000599
Page 2
DAVID LEVY
0041675703
A Letter of Map Revision (LOMR) . A LOMR is an official revision to the
currently effective FEMA Map. It is used to change flood zones, flood
plain and floodway delineation, flood elevations, and plainmetric
features. All requests for LOMR's must be made to FEMA through the
chief executive officer of the community, because it is the community
that must adopt any changes and revisions to the map.
If we do not receive within 45 days of the date of this letter evidence of
flood coverage as described above or a LOMA/LOMR, we will obtain flood
insurance coverage solely on the structure(s) to your property. We urge
you to obtain WYO coverage yourself rather than our force-placing the
insurance, for the following reasons. The coverage we place will be on
the building/structures only. and there will be no coverage of any kind,
such as for contents or personal liability. In addition. the amount of
coverage will be the remaining principal balance of your loan. subject
to the available limits of coverage under the NFIP and, in the event of
a total loss insurance proceeds may not, therefore, be sufficient to
repair all q ;he damage The coverage we can obtain under other
programs will ave significantly higher premiums as well as the
foregoing coverage limitations.
Please write your real estate loan number on all correspondence, and fax to
1.412.269.2154, or send your policy and correspondence to:
Bank of America 602
It Successors and/or Assigns
Loan Number 0041675703
P. 0. Box 2325
Coraopolis, PA 15108-6924
We urge you to act promptly as there may be a 30-day waiting period
after you submit your application and payment before your flood
insurance becomes effective. The longer you delay. the longer you will
be at risk for an uninsured flood loss.
If you have questions about this letter, please call Bank of America
Customer Service at 1.800.258.9878, Monday through Friday, from 8:00 AM to
8:00 PM Eastern Time.
Sincerely,
Bank of America 602
Customer Service
0000115-0000600