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HomeOwners Insurance

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by vinnyG, Apr 13, 2009.

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  1. vinnyG

    vinnyG Law Topic Starter New Member

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    I had mistakenly let my home owners insurance lapse for approximately one month. I currently have insurance and have had insurance for a few months now.
    My Mortgage Co. is trying to say that I must pay them 10X the YEARLY insurance amount, (not monthly) before they will accept my monthly mortgage payment to them. It is now 2.5 months of mortgage payments due which I am trying to pay them but they will NOT accept my payments; instead, they want to charge me an additional $20,000.00 (on top of the 10X yearly insurance) for forclosure fees. I do NOT want to foreclose on my home, I want to pay them 3 months of mortgage payments which will bring me current along with one month of insurance which they paid for me plus a fee, (not 10X yearly insurance rate). Can they do this? Are they allowed to refuse my payments and force me into foreclosure? Can you give me any advice as to what I should do or who I can see to help me settle this matter.
     
    Last edited: Apr 13, 2009
  2. Theresagail

    Theresagail New Member

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    Yes they can do this, it is called force placed Insurance-- in your mortgage contract there is a bunch of stuff about insurance-- and I am 100% positive you signed this -- the best way to prevent stuff like this is to get a escrow account w. the Mortgage co -- this way you are always covered—

    Try and talk to a manager of the finance co to work something out I am sure they really don’t want your house-- you are talking to the reps who really have no power to work a arrangement for repayment-- call and talk to someone that has power to do something
     

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