Coerced into Purchasing Excessive Flood Insurance?

New Century Mortgage Forced Placed Flood Coverage

New Century Mortgage Holders: If you were forced or coerced into buying an excessive flood insurance policy, you may have legal recourse. Class Action.org is looking into allegations that certain mortgage companies have been forcing loan holders to purchase or maintain flood insurance policies which are overly expensive, unnecessary or otherwise excessive. While New Century Mortgage Corp. has not been named among the companies participating in these questionable practices, many property owners who took out a loan from other establishments have complained that they were forced into purchasing a costly flood insurance policy which was unnecessary or excessive. 

If New Century Mortgage Corp. or any other bank forced you into purchasing or maintaining an overly expensive, excessive or second flood insurance policy, complete our free case review form today for a no cost evaluation of your potential case. You may be able to seek compensation for the high premiums paid out for this coverage. 

Lawsuits for Forced Placed Flood Insurance

Consumers may be able to seek compensation through a forced placed flood insurance lawsuit if they had to purchase or maintain:

  • More flood coverage than what was required under their mortgage agreements
  • A flood insurance policy which exceeded federal requirements 
  • A second flood insurance policy even though they were already covered by a condominium association or otherwise 
  • A second flood insurance policy after an acceptable policy was refused

In some instances, it has been alleged that banks who forced placed valueless flood insurance on borrowers received commissions or "kickbacks" for these purchases, the cost of which was added to the mortgage balance, deducted from the consumer's home equity account or otherwise expensed to the borrower. 

Excessive Flood Insurance Complaints

If your mortgage company unnecessarily forced placed flood insurance policy on your home or condo, you may have legal recourse to seek financial compensation. Find out more about your legal rights by completing our free case evaluation form today. Our forced placed flood insurance lawsuit attorneys are providing this online consultation at no cost or obligation and remain committed to protecting the rights of  homeowners who had their consumer rights violated in regard to forced placed insurance. 

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