USDA issued an unnumbered letter on May 8, 2013 entitled, "Force placed insurance."
The letter reminds borrowers that property and liability insurance is required on all buildings, as well as any other insurance required by USDA, until the loan for the property is paid in full. Also outlined is the ramifications should insurance premiums fail to be paid.
Click here to view the unnumbered letter in its entirety.
Posted in: USDA