Is it the responsibility of the mortgage holder to inform the mortgagee of changes in FEMA flood maps?

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Is it the responsibility of the mortgage holder to inform the mortgagee of changes in FEMA flood maps?

FEMA changed my area from a flood plain to a flood zone in 2011. The bank never informed me of the change and had I not refinanced earlier this year, I’d have never known. Now, my foundation is crumbling, literally. I do have flood insurance now but my concern is that they won’t cover all that needs to be covered since it’s been an ongoing deterioration, due to many flood/excess water episodes,

over the years. Had I been informed in a reasonable amount of time after the FEMA map change, I certainly would have had the insurance all this time.

Asked on April 2, 2016 under Real Estate Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

First, just as a matter of terminology: the bank is the mortgagee, you are the mortgagor.
Second, unfortunately no--it is not the mortgagor's (bank's) responsibility to inform you of this; the mortgagor's only responsibilities to the mortgagee are to vis-a-vis the mortgage itself, not in relation to anything else affecting the property.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

First, just as a matter of terminology: the bank is the mortgagee, you are the mortgagor.
Second, unfortunately no--it is not the mortgagor's (bank's) responsibility to inform you of this; the mortgagor's only responsibilities to the mortgagee are to vis-a-vis the mortgage itself, not in relation to anything else affecting the property.


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