OAR 274-028-0035: Taxes, Hazard Insurance and Flood Insurance

(1) For veterans' home improvement loans which are subsequent to an existing loan, the director may pay property taxes or hazard or flood insurance on the existing loan until the existing loan is paid in full, after which it will be the borrower's responsibility to pay these items directly. (2) If delinquent taxes become a lien against the security, or the borrower fails to maintain the required insurance, the director may pay the taxes or insurance and if so paid, will collect the amount paid by ODVA from the borrower through an escrow account per the provisions of OAR 274-020-0388.