Mortgage Insurance Canceled

[Brian H]

I live in Dallas, TX. My Mortgage company is in Florida. I originaly financed the house from bank one in Dallas. But they sold it to another and another until I am here with this company in Florida, They (mortgage co.) have allways paid my taxes and insurance.
however they paid the payment late and the insurance company canceled my policy in October of last year. I just found this out. upon calling the insurance company about this, I requested another agent and a policy renewal. they told me i should seek insurance from someone else. Now back in December I did recieve a check for about 500 dollars along with a letter stating it was some kind of overpayment. being the end of the year and christmas i deposited the check and did not question it. i had no idea my policy was canceled. my mortgage co. sent the insurance co. the payment late and the iinsurance cashed it and sent me one. no cancelation notice. a friend of mine told me that my mortgager is responsible to pay my ins pmt on time and I could probably sue them. True? we just had several tornados come through last night. none too close. but what if i had a claim or something like that. The mortgage company does not know I've been canceled yet.

 

[HomeGuru]

The day you found out you had no insurance was the day you should have found another insurance company and gotten coverage.
Insurance companies send cancellation notices out usually to both the homeowner and the lender.
Your big concern now is getting coverage.
If a tornado levels your home, you will have no place to live, no insurance money to rebuild a new home and you would still owe the mortgage company the ENTIRE mortgage balance.
This is not some sort of a game.
Get insurance first, then file a claim against the mortgage company.