Ameriquest and Argent Mortgage Holders: If you were coerced or forced into buying an excessive flood insurance policy, you may have legal recourse. Class Action.org is looking into allegations that certain banks have been forcing loan holders to buy or maintain flood insurance policies that are overly expensive, unnecessary or otherwise excessive. While Ameriquest and Argent has not been named among the banks engaging in these questionable practices, many consumers who have borrowed from other establishments have complained that they were forced into paying the high premiums of an unnecessary, excessive or second flood insurance policy.
If Ameriquest, Argent or any other mortgage company forced you into purchasing or maintaining an overly expensive, excessive or second flood insurance policy, you may be able to seek compensation for the high premiums paid out for this coverage.
Flood Insurance Lawsuits: Forced Placed Coverage
Any consumer may be able to participate in a forced placed flood insurance lawsuit if they were forced by their mortgage company into purchasing or maintaining:
A flood insurance policy which exceeded federal requirements
A second flood insurance policy after an acceptable policy was refused
A second flood insurance policy even though they were already covered by a condominium association or otherwise
More flood coverage than what was required under their mortgage agreements
In some situations, it has been alleged that banks that forced placed valueless flood insurance on borrowers received commissions for these purchases; the costs of these policies were then either added to the property owner's mortgage balance or deducted from their home equity account.
Complaints: Forced Placed Flood Coverage
If your bank unnecessarily forced placed flood insurance policy on your home or condo, you may have legal recourse to seek financial compensation.