What is missing from this report is a link to the actual rule change. It would also be nice to see related reporting on the numbers of forced policies by state.
He is not a “reporter” he is a Political Advocate. Why can’t he just report the facts!!! How much is the Progressive XYZ paying this “insurance rag”!!!
Wells Fargo has and may still utilize Assurant for Forced Placed Insurance. This has caused many homeowners to be forced into bankruptcy and foreclosure as a result of not being able to pay the huge premiums forced upon them. In fact, in my situation, I had a small gap in insurance and was not aware due to medical issues that it occurred. I immediately put a new policy in place upon realizing the gap. However, Wells Fargo using Assurant notified me nearly 18 month after the fact that they were going to charge me nearly $9,000 for a policy that should only cost $1500. When I objected to the huge premium, it was attached to my mortgage payment and I was shown as past due when in fact my payment was being paid on time. It was a loan shark type of approach to try and force me to pay the huge premium. They have now attempted to foreclose on my property due to my refusal to pay the $9,000. This is an insurance scam of the greatest proportions in my opinion with evidence as indicated in this article that kickbacks and huge commissions are being earned by the banks and insurers at the detriment of the consumer. NY Financial Services has found this to be illegal in effect and has forced the insurers to true up with the abused consumers. What is Texas doing about this issue? We need action
KeenObserver, sorry for your situation sounds like “typical protocol” from a banking stand point. If I read correctly, you were asking what Texico has planned about this issue. That is where you are going to run into trouble. Texico does not employ the use of Common Law which is found throughout the United States, Canada, and UK. Or I should say, they are supposed to but create their own maverick laws. Go figure, a territory that had a lot to do with the real estate bubble is still trying to fight these battles with lawlessness and can’t seem to figure how to make things right. This should be a simple fix in most cases with the proper paper trail. If at all possible, take up residence in the United States and get out of the cess pool known as Texico. It will only get worse as they try to lure Americans down there on speculation just as they did after the Mexican American War.
$9,000 or what should have cost only $1,500 would seem to be a little more than just a “small gap” in coverage. Your insurer sends notices when your policy expires. Your lender sends notices requesting information on new insurer. Every notice will state if insurance is not provided they will obtain coverage for you. The notices advise you it’s not in your best interest to have forced place coverage as it will only cover their interest and is very expensive.
I’m not aware of your medical condition that caused your gap in coverage but it would almost have to been in a coma for several months for one not to be aware coverage had lapsed.
1) The notice was 18 months after the fact regarding the placement of the forced in arrears. Explain that ?
2) I had a severe concussion and as soon as I noticed the gap, attempted to purchase coverage to cover the gap that occurred, but could not buy coverage in arrears as I was advised by agents as yourself that is not possible in Texas it would be illegal.
3) Ah, but not illegal for Assurant to issue and Wells Fargo to leverage against me in attempts to foreclose. They write it in arrears and charge the huge premium because they can get away with it…as you said yourself, it does not provide any coverage to the borrower outside of covering the Lender.
4) Accidents happen, you should know that as an agent and medical complications are certainly an example that should not be penalized by having to pay a huge premium for forced coverage. I offered to pay a fare premium within the range of my prior policy, but Wells Fargo would not consider that offer. It was pay or else attitude. Given I had always maintained coverage flawlessly up until that point, I see that is unacceptable. The NY ruling that is a model Texas should follow required the Forced Insurer to go back and credit the borrower so that the policy they ultimately forced was no more than the prior policy the borrower had before the lapse, irrespective of the cause.
5) Furthermore, rather than addressing the insurance issue as that, which I suggested, but Wells refused, they used it to report me late when I was actually still making my payments on time by raising my payment over a $1,000 per month to try and recover their huge premium policy.
If you see anything about that situation that resembles being fare, I think you are the one in the coma.
What is missing from this report is a link to the actual rule change. It would also be nice to see related reporting on the numbers of forced policies by state.
He is not a “reporter” he is a Political Advocate. Why can’t he just report the facts!!! How much is the Progressive XYZ paying this “insurance rag”!!!
This sounds like another scam to me, all at our expense.
Wells Fargo has and may still utilize Assurant for Forced Placed Insurance. This has caused many homeowners to be forced into bankruptcy and foreclosure as a result of not being able to pay the huge premiums forced upon them. In fact, in my situation, I had a small gap in insurance and was not aware due to medical issues that it occurred. I immediately put a new policy in place upon realizing the gap. However, Wells Fargo using Assurant notified me nearly 18 month after the fact that they were going to charge me nearly $9,000 for a policy that should only cost $1500. When I objected to the huge premium, it was attached to my mortgage payment and I was shown as past due when in fact my payment was being paid on time. It was a loan shark type of approach to try and force me to pay the huge premium. They have now attempted to foreclose on my property due to my refusal to pay the $9,000. This is an insurance scam of the greatest proportions in my opinion with evidence as indicated in this article that kickbacks and huge commissions are being earned by the banks and insurers at the detriment of the consumer. NY Financial Services has found this to be illegal in effect and has forced the insurers to true up with the abused consumers. What is Texas doing about this issue? We need action
KeenObserver, sorry for your situation sounds like “typical protocol” from a banking stand point. If I read correctly, you were asking what Texico has planned about this issue. That is where you are going to run into trouble. Texico does not employ the use of Common Law which is found throughout the United States, Canada, and UK. Or I should say, they are supposed to but create their own maverick laws. Go figure, a territory that had a lot to do with the real estate bubble is still trying to fight these battles with lawlessness and can’t seem to figure how to make things right. This should be a simple fix in most cases with the proper paper trail. If at all possible, take up residence in the United States and get out of the cess pool known as Texico. It will only get worse as they try to lure Americans down there on speculation just as they did after the Mexican American War.
$9,000 or what should have cost only $1,500 would seem to be a little more than just a “small gap” in coverage. Your insurer sends notices when your policy expires. Your lender sends notices requesting information on new insurer. Every notice will state if insurance is not provided they will obtain coverage for you. The notices advise you it’s not in your best interest to have forced place coverage as it will only cover their interest and is very expensive.
I’m not aware of your medical condition that caused your gap in coverage but it would almost have to been in a coma for several months for one not to be aware coverage had lapsed.
1) The notice was 18 months after the fact regarding the placement of the forced in arrears. Explain that ?
2) I had a severe concussion and as soon as I noticed the gap, attempted to purchase coverage to cover the gap that occurred, but could not buy coverage in arrears as I was advised by agents as yourself that is not possible in Texas it would be illegal.
3) Ah, but not illegal for Assurant to issue and Wells Fargo to leverage against me in attempts to foreclose. They write it in arrears and charge the huge premium because they can get away with it…as you said yourself, it does not provide any coverage to the borrower outside of covering the Lender.
4) Accidents happen, you should know that as an agent and medical complications are certainly an example that should not be penalized by having to pay a huge premium for forced coverage. I offered to pay a fare premium within the range of my prior policy, but Wells Fargo would not consider that offer. It was pay or else attitude. Given I had always maintained coverage flawlessly up until that point, I see that is unacceptable. The NY ruling that is a model Texas should follow required the Forced Insurer to go back and credit the borrower so that the policy they ultimately forced was no more than the prior policy the borrower had before the lapse, irrespective of the cause.
5) Furthermore, rather than addressing the insurance issue as that, which I suggested, but Wells refused, they used it to report me late when I was actually still making my payments on time by raising my payment over a $1,000 per month to try and recover their huge premium policy.
If you see anything about that situation that resembles being fare, I think you are the one in the coma.