Property owners who were forced or coerced by their mortgage company or bank into purchasing excess flood insurance may have legal recourse to seek compensation for the high costs of these policies. Allegedly, certain banks and mortgage companies have been force-placing expensive, and often unnecessary, flood insurance policies on property owners, many of whom already meet the insurance coverage requirements of the National Flood Insurance program. Furthermore, lawsuits for bank flood insurance complaints have claimed that these companies may be receiving kickbacks or commissions when they purchase these additional or excessive policies, the cost of which is added to the homeowner's monthly mortgage payments, deducted from the home equity account or otherwise expensed to the borrower.
If your mortgage company or bank force placed an excessive flood insurance policy on your property, you may be able to file a claim seeking financial compensation. To find out if you are eligible, complete our free, no obligation case review form today with details of your mortgage company flood insurance complaints.
Consumers may be eligible for a force placed flood insurance lawsuit if their bank or mortgage company forced or coerced them into:
Wells Fargo, FlagStar, GMAC Mortgage, Bank of America and JPMorgan Chase are among the establishments who have been hit with forceplaced flood insurance lawsuits. Even if you took out a mortgage loan from another bank, you may still have legal recourse if you were subjected to unlawful practices in regard to force placed flood insurance. If you had an excessive flood insurance policy forced place on your property, find out if you qualify for a force placed flood insurance lawsuit by completing our no cost, no obligation case review form today.
Force-placed insurance burdens homeowners with unnecessary debt while letting banks profit from questionable financial practices and arrangements.… More
In an extremely important decision, Judge Michael Simon of the United States District Court for the District of Oregon ruled that a nationwide class action lawsuit alleging that Bank of America illegally force-placed flood insurance could continue.… More
As reported by the Sun-Sentinel, Florida was the site of 35% of the country's force-placed insurance in 2011, totaling $1.2 billion.… More