My question involves a mortgage in the state of: Alabama
About 5 years ago, our lender for our second home (condo) sold numerous mortgages, including ours, and we have loathed the new servicer from the start. The taxes are paid by the servicer from an escrow account, but the main hazard and flood insurance is paid by the condo association out of our condo fees. We personally have a small HO6 condo policy and a flood policy that fully covers our unit (in addition to the master flood policy held by the condo assn.) Every time any of the policies is up for renewal, we receive a letter from the insurance company associated with the loan servicer (an unholy alliance if ever there was one) threatening to force place insurance at a ridiculously high rate, many times more than what we pay. This, despite the fact that there has NEVER been a lapse in insurance coverage and we are, in fact, over-insured with regard to flood insurance just to keep them off our backs. We are constantly faxing and mailing face pages of policies and they recently insisted on receiving an entire copy of the condo association's master policy.
Today we received a letter stating that, since we have an escrow account (from which taxes are paid) they will be paying our flood insurance (the personal, extra policy we bought in addition to the master policy) from the escrow account and will inform us of the particulars within 45 days. (The policy is paid through December, 2015.)
I am beyond livid and hate this servicer (Seterus, with their QBE insurance associate) with a passion. Can they simply unilaterally decide to start paying the extra flood insurance policy out of escrow? I want them to have control over as little as possible. Thank you in advance.
About 5 years ago, our lender for our second home (condo) sold numerous mortgages, including ours, and we have loathed the new servicer from the start. The taxes are paid by the servicer from an escrow account, but the main hazard and flood insurance is paid by the condo association out of our condo fees. We personally have a small HO6 condo policy and a flood policy that fully covers our unit (in addition to the master flood policy held by the condo assn.) Every time any of the policies is up for renewal, we receive a letter from the insurance company associated with the loan servicer (an unholy alliance if ever there was one) threatening to force place insurance at a ridiculously high rate, many times more than what we pay. This, despite the fact that there has NEVER been a lapse in insurance coverage and we are, in fact, over-insured with regard to flood insurance just to keep them off our backs. We are constantly faxing and mailing face pages of policies and they recently insisted on receiving an entire copy of the condo association's master policy.
Today we received a letter stating that, since we have an escrow account (from which taxes are paid) they will be paying our flood insurance (the personal, extra policy we bought in addition to the master policy) from the escrow account and will inform us of the particulars within 45 days. (The policy is paid through December, 2015.)
I am beyond livid and hate this servicer (Seterus, with their QBE insurance associate) with a passion. Can they simply unilaterally decide to start paying the extra flood insurance policy out of escrow? I want them to have control over as little as possible. Thank you in advance.
Mortgages: Loan Servicer Trying to Force Insurance into Escrow After Years
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