What is the name of your state (only U.S. law)? WA
My Mortgage Company requires me to have Flood Insurance (FI). I don't remember paperwork at closing that stated I needed it - could have forgotten.
According to FEMA's designation of, "C" on my home and that "No" was checked (FEMA Form 81-93) as to my property being in a Special Flood Zone Hazard Area I disputed the Claim by my mortgage company that required me to carry FI. I figured I would prevail.
During the dispute I did not carry FI. OK, dumb me I guess. I got into a mindset that I would prevail - I didn't, yet. I also got into a mindset that during a dispute one should not pay until resolved - I know, I should have asked, dumb me. The mortgage company during the dispute did not tell me to buy FI, "or else". I had multiple correspondence with the Mortgage Company - emails, phone, letters to me. Never once did they say to buy Flood Insurance. I talked to a CS Rep (July 13th) at the Mortgage Company, after I lost the dispute, and asked when I needed to purchase FI - 9/3/10 he said. So I purchased it. In August I got a Bill to pay an exorbitant amount of money for the FI the Mortgage Company purchased for me. The Mortgage Company purchased it for me 4 months after the fact (8/18/10) - FI in arrears. So now I owe them $850 of FI from 4/21/10 - 9/3/10. (The FI I recently purchased for 12 months cost $350)
Question.
During this whole dispute process did the Mortgage Company have a legal obligation to inform me that:
A. During the dispute FI is still to be paid in full. (That if I prevailed FI could be refunded).
B. That if I don't purchase FI on my own, during the dispute, they will purchase it for me affective the date it lapsed.
C. Disclose the rate at which it would be purchased.
D. That FI due would be paid in arrears and that the Mortgage Company, unlike the rest of us, can purchase FI in arrears - ie. back dated Insurance.
I am not admitting here that I don't have any responsibility - BB. I am just asking if the Mortgage Company had a legal responsibility to inform me. To notify me much earlier than four months after the fact.
GML
My Mortgage Company requires me to have Flood Insurance (FI). I don't remember paperwork at closing that stated I needed it - could have forgotten.
According to FEMA's designation of, "C" on my home and that "No" was checked (FEMA Form 81-93) as to my property being in a Special Flood Zone Hazard Area I disputed the Claim by my mortgage company that required me to carry FI. I figured I would prevail.
During the dispute I did not carry FI. OK, dumb me I guess. I got into a mindset that I would prevail - I didn't, yet. I also got into a mindset that during a dispute one should not pay until resolved - I know, I should have asked, dumb me. The mortgage company during the dispute did not tell me to buy FI, "or else". I had multiple correspondence with the Mortgage Company - emails, phone, letters to me. Never once did they say to buy Flood Insurance. I talked to a CS Rep (July 13th) at the Mortgage Company, after I lost the dispute, and asked when I needed to purchase FI - 9/3/10 he said. So I purchased it. In August I got a Bill to pay an exorbitant amount of money for the FI the Mortgage Company purchased for me. The Mortgage Company purchased it for me 4 months after the fact (8/18/10) - FI in arrears. So now I owe them $850 of FI from 4/21/10 - 9/3/10. (The FI I recently purchased for 12 months cost $350)
Question.
During this whole dispute process did the Mortgage Company have a legal obligation to inform me that:
A. During the dispute FI is still to be paid in full. (That if I prevailed FI could be refunded).
B. That if I don't purchase FI on my own, during the dispute, they will purchase it for me affective the date it lapsed.
C. Disclose the rate at which it would be purchased.
D. That FI due would be paid in arrears and that the Mortgage Company, unlike the rest of us, can purchase FI in arrears - ie. back dated Insurance.
I am not admitting here that I don't have any responsibility - BB. I am just asking if the Mortgage Company had a legal responsibility to inform me. To notify me much earlier than four months after the fact.
GML
