GMAC Forced Placed Flood Insurance
GMAC Mortgage Flood Insurance Lawsuit
Property owners who were forced to buy flood insurance by GMAC Mortgage may have legal recourse if they were already covered by an existing flood insurance policy through their condominium association or otherwise. When a condominium complex is located in a "Special Flood Hazard Area", the property and its individual units are already typically insured against flood damage. By forcing a property owner to buy a second flood insurance policy, GMAC is allegedly making the consumer pay for additional coverage which is valueless to them, as federal law will not allow for double payment for insurable losses in a condominium complex.
Are you paying for forced placed flood insurance imposed by GMAC, even though you are already otherwise covered against flood damage? You may have legal recourse to seek financial compensation. To find out if you are eligible, complete our free, no obligation case review form today.
Bank Flood Insurance Requirements
When a home equity loan or mortgage is obtained by a customer whose condominium unit is located in a "Special Flood Hazard Area," the bank may require proof of adequate flood insurance as a condition of obtaining the loan. However, GMAC is then allegedly contacting customers to request additional information and to explain their intention to force place flood insurance. Ultimately, they are allegedly purchasing an additional flood insurance policy at a high premium, the cost of which is either deducted from the home equity account or added to the homeowner's mortgage balance, even though the property is already insured through the condominium complex's insurance flood policy. As a result, the customers have no choice but to pay the premiums.
Lawsuit for Bank Flood Insurance Complaints
If you obtained a home equity loan or mortgage from GMAC and were forced to buy flood insurance, even though you were already covered by your condominium association or otherwise, you may have legal recourse. To find out if you can seek compensation for damages resulting from GMAC's forced placed flood insurance, complete our no cost, no obligation case review form today. At no cost to you, our lawyers will review your claim to determine if you can recover financial compensation through a class action, a type of lawsuit which would allow a large number of consumers the chance to collectively bring a claim against the company in court.
Forced Placed Flood Insurance Articles and Resources
- Wells Fargo Excess Flood Insurance
- Bank of America Flood Insurance Lawsuit
- JP Morgan Chase Insurance Complaints
- Flagstar Bank Forced Placed Flood Insurance
- Countrywide Forced Flood Insurance
- Washington Mutual Forced Placed Flood Coverage
- Ameriquest and Argent Forced Flood Coverage
- National City Corporation Forced Flood Insurance
- Citigroup Flood Insurance: Forced Placed Coverage
- Wachovia Forced Placed Flood Insurance
- HSBC Flood Coverage: Forced Placed Insurance
- Option One Mortgage Forced Flood Coverage
- New Century Mortgage Forced Placed Flood Coverage
- American Home Mortgage Forced Flood Insurance
- IndyMac Flood Insurance: Forced Placed Coverage
- ABN AMRO Forced Placed Flood Insurance Policies
- Fremont Investment and Loan Forced Flood Coverage
- Suntrust Bank Forced Placed Flood Insurance
- First Horizon Forced Placed Flood Coverage
- Additional Companies for Forced Placed Flood Insurance