Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Mortgages, Refinancing & Foreclosure
Reload this Page flood insurance

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 03-31-2008, 09:12 PM
Junior Member
  
Join Date: Mar 2008
Posts: 1

flood insurance

What is the name of your state? Pennsylvania

Is is legal for a mortgage company to obtain flood insurance for you without your permission? My father had $43,800 worth of flood insurance on his property and the mortgage company decided to get another policy from a different company for a greater amount, $74,800 without his permission. The amount owed on the mortgage is only $43,000 , how can they ask for more coverage than what is owed?
  #2  
Old 03-31-2008, 10:06 PM
Senior Member
  
Join Date: Feb 2005
Posts: 3,346
Read the mortgage papers. You will likely find that the mortgage company has the right to ensure that the property has flood and fire insurance on the full value of the property, not just the mortgage.

As such, the mortgage has the right to protect its collateral by purchasing insurance and billing your father for the difference. He can probably get insurance cheaper than what the mortgage company is charging so he should talk with the mortgage company about raising his coverage and having them cancel their policy.
  #3  
Old 04-01-2008, 12:47 PM
Member
  
Join Date: Feb 2002
Posts: 517
yes, I have never seen a "force placed" policy that had a good rate.
  #4  
Old 04-01-2008, 12:59 PM
Senior Member
  
Join Date: Feb 2007
Posts: 8,231
Quote:
Originally Posted by HUD-1 View Post
yes, I have never seen a "force placed" policy that had a good rate.
"not a good rate" is an understatement.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 12:59 AM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.