F
FAC
Guest
What is the name of your state? What is the name of your state? What is the name of your state? Florida
We have an escrow account with the morgage company. They have being paying for insurance, flood ins, and taxes. About two week ago we contacted another morgage company to refinance to a lower rate(about 2% lower). The new company told us they found out we didin't have insurance in our home and the new loan application couldn't continue until we provide homeowners insurance. I called my insurance agent and was told the policy was cancelled since Sept,02 because no payment. I called the bank and they said payment($1098.00) was sent to insurance on early Sept.'02 and money(same amount) was sent back to them in Feb'03 without any explanation. The bank gave me the check number but refuse to send me a copy of the cancelled check they sent to insurance. The insurance agent told me that because the gap(about 7 months)without insurance they can't reinstate the policy. I have been in this back and forward for two weeks and no result. The new mortgage company told me the rate they gave earlier could go up depending the time from my application to the date I can provide proof of home insurance. If this happens it will cost me thousands over the life of the mortgage. What really suprised me is that nobody alert us about the insurance expired or about to expire because no pymt. We get a letter from the insurance on early Sept'02 saying it was about time to renew the policy for the next year and that their records showed the mortgage pays for the insurance. The same letter we got previous years and the bank always paid on time. I don't know what to do. Any help will be really appreciated.
Thank you in advance
FAC
We have an escrow account with the morgage company. They have being paying for insurance, flood ins, and taxes. About two week ago we contacted another morgage company to refinance to a lower rate(about 2% lower). The new company told us they found out we didin't have insurance in our home and the new loan application couldn't continue until we provide homeowners insurance. I called my insurance agent and was told the policy was cancelled since Sept,02 because no payment. I called the bank and they said payment($1098.00) was sent to insurance on early Sept.'02 and money(same amount) was sent back to them in Feb'03 without any explanation. The bank gave me the check number but refuse to send me a copy of the cancelled check they sent to insurance. The insurance agent told me that because the gap(about 7 months)without insurance they can't reinstate the policy. I have been in this back and forward for two weeks and no result. The new mortgage company told me the rate they gave earlier could go up depending the time from my application to the date I can provide proof of home insurance. If this happens it will cost me thousands over the life of the mortgage. What really suprised me is that nobody alert us about the insurance expired or about to expire because no pymt. We get a letter from the insurance on early Sept'02 saying it was about time to renew the policy for the next year and that their records showed the mortgage pays for the insurance. The same letter we got previous years and the bank always paid on time. I don't know what to do. Any help will be really appreciated.
Thank you in advance
FAC