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"Force-Placed" Insurance Practices

When a home loan is approved, mortgage servicers or lenders typically require the borrower, under the terms of the mortgage, to carry appropriate hazard, flood, and/or wind insurance on the property to cover the lender’s risk. If the borrower’s policy lapses, the lender or mortgage servicer “force places” new coverage to cover its interest in the property, and charges the homeowner the full amount of the premium, by either deducting its costs from the borrower’s escrow account or adding the cost to the balance of the mortgage principal.

Some mortgage lenders have allegedly charged premiums for such “force-placed” policies that are much too high. If you believe you have paid unduly high insurance premiums on hazard, wind, and/or flood insurance that was placed by your lender, please contact Meyer Wilson.

Please fill out the form below and the lawyers at our firm will review your complaint. We continue to offer complimentary evaluations of potential consumer claims because we are dedicated to helping consumers and holding mortgage lenders and banks accountable.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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