What You Need To Know About Forced Placed Insurance
Did you receive a notice from your home mortgage lender that your homeowners insurance had lapsed, even if it hadn’t? Did your mortgage company secure replacement insurance (forced placed insurance) at your expense? If so, we can help.
At the law firm of Freidin Brown, P.A., we confidently stand up for the rights of mortgage borrowers who find themselves charged for homeowners insurance that they did not secure. Mortgage companies are not allowed to push this replacement coverage on borrowers and as such, you may have grounds upon which to take action against them. The lawyers at our firm have been handling these and other types of consumer fraud and class action cases in Florida and throughout the country for more than 40 years.
Forced Placed Insurance Defense
Mortgage companies that have been accused of illegally securing homeowners insurance for borrowers and passing the cost onto the borrower include:
· Ally Financial
· PHH Mortgage
· MetLife Home Mortgage
· BB&T Mortgage
· Fifth Third Bank
· Walter Investment Management
In recent years, some home mortgage lenders have taken liberties in establishing forced placed insurance on homeowners. This means that the lender has secured homeowners insurance through a third-party insurer at the homeowner’s expense when the homeowner’s previous insurance lapsed. However, some lenders are doing this even when a homeowner’s insurance has not lapsed. Forced placed insurance results in exorbitant fees and additional debt for homeowners.
You have a right to secure your own homeowners insurance. If one of the above lenders or another lender has enacted forced placed insurance for you, get in touch with our firm today to learn more about your rights and options.
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