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Updated almost 8 years ago on . Most recent reply

Jake Recz's profile image
Jake Recz's profile image
Jake Recz
  • from Manville, New Jersey
  • Member since Mar 2, 2015
Connect

User Stats

141
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86
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Jake Recz's profile image
Jake Recz's profile image
Jake Recz
  • from Manville, New Jersey
  • Member since Mar 2, 2015
Connect
Jake Recz
  • Manville, NJ
86
Votes |
141
Posts
Private Lending & Conventional Mortgage Advice

HELOC on property in flood zone. Who gets the payout?

Jake Recz
  • Manville, NJ
Posted
Hey BP I'm about to get a HELOC on my property that is located in a flood zone. There is no mortgage on the property but there is an active flood insurance policy just in case. So when I get the HELOC, use 50% of it, and let's say the property floods (I hope not!!)- who gets the check from the insurance company? The bank that is holding the HELOC or me as the homeowner?
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