[StBernard] sba loans

[Westley Annis]

km,
 
i also gave sba the copy of the mortgage on the damaged property.  the
section to look under is "insurance payments" which will tell you that if it
is not financially feasible or the security would be lessoned, then the
mortgage holder SHALL pay off the mortgage and any proceeds to be sent to
the borrower.  this worked for me as a 'demand letter' as i could not get
one from standard mortgage.  it may be worded a little different, but should
have the same meaning.  this makes sba add the amount that you had to pay
off on the old mortgage be added back to the new loan (BIG DIFFERENCE).
 
if you need any further info, my email is nancmmi at bellsouth.net and i will
be happy to help where i can.
 
good luck and still missing st. bernard,
 
nancy sinopoli