Mortgage Company Flood Insurance Complaints:

Bank of America Flood Insurance Complaints

Bank of America Flood Insurance Lawsuit

Bank of America has allegedly engaged in unlawful business practices with some mortgage holders in regard to the forced-placement of certain types of insurance policies. One putative Bank of America flood insurance class action claims that the company forced certain property owners into purchasing excess flood coverage as a provision for taking out a mortgage loan, while another claims that the bank and its home loan servicing company required that borrowers maintain more hazard and flood insurance coverage than what was outlined by their mortgage agreements.

If you suspect that Bank of America forced you to purchase or maintain an excessive amount of flood or hazard insurance, you may be able to participate in a Bank of America flood insurance lawsuit to seek compensation for the money spent on this additional or excessive coverage. Find out if you are eligible by completing our free, no obligation case review form today.

Bank of America Flood Insurance Class Action

In 2010, it was reported that Bank of America was hit with a putative class action alleging that the bank and its home loan servicing company forced some borrowers to maintain more insurance coverage, specifically hazard and flood insurance, than what was outlined by their mortgage agreements. According to the putative Bank of America flood insurance class action, the bank and BAC Home Loan Servicing LP set a level of flood and hazard insurance that borrowers must maintain in contradiction to the amounts outlined in the mortgage holder's agreements. Should the borrower fail to obtain this level of coverage, the bank and its home loan servicing company would force place insurance on the mortgage holders, the cost of which would be taken from the borrower's escrow accounts or added to their monthly mortgage payments, according to the Bank of America flood insurance lawsuit.

Less than a year later, the company was reportedly hit with another putative Bank of America flood insurance class action which accused them of forcing certain property owners to buy excess flood insurance as a requirement for taking out a mortgage loan. Essentially, the bank allegedly forced homeowners to purchase or maintain an excessive flood policy, and if they refused, would force-place that coverage on their property, adding the insurance premiums to the borrower's loan balance. In addition to requiring flood insurance beyond what is required by federal law, the Bank of America flood insurance lawsuit also claimed that the bank engaged in illegal kickbacks when it bought the extra insurance from a bank-owned insurance company.

Lawyers for Bank of America Flood Insurance Complaints

If you took out a mortgage loan from Bank of America or another insurance company, and were subjected to the practices described above, you may have legal recourse. Fill out our free case evaluation form with details of your mortgage company or Bank of America flood insurance complaints to find out if you can participate in a lawsuit to seek recovery for the money spent on excessive insurance. There is no cost or obligation associated with this online case evaluation.

Forced Placed Flood Insurance Articles and Resources

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