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meaculpa2011

(918 posts)

13. My bank ORDERED me to...

Reply to marmar (Original post)

Mon May 7, 2012, 08:31 AM

May 2012

increase my insurance to maximum replacement value. It didn't make sense, since I only owe $40,000, until I noticed that the bank and the insurance company were one and the same. The only way I can collect maximum replacement value is if a Biblical storm washed away the house and the land. Of course, if that happened most of Long Island would be washed away, the insurance companies would declare bankruptcy and refuse to honor policy obligations then be bailed out by the government. My premium tripled. Thankfully, I only have two years left.

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Highlight:

Look Who’s Pushing Homeowners Off the Foreclosure Cliff [View all] marmar May 2012 OP

"when homes go into foreclosure, banks lose money" -- maybe ordinarily, but not these days... JHB May 2012 #1

Excellent point about the PMI insurance. JDPriestly May 2012 #9

I have no PMI, no escrow on my mortgage. But BOA keeps trying to forceplace insurance on us. dixiegrrrrl May 2012 #14

They're probably planning to buy up everything in sight. BASTARDS! secondwind May 2012 #2

Yup, they may lose money on every foreclosure, but if they foreclose on everyone they'll make it up slackmaster May 2012 #10

We need more folks like George Bailey !! secondwind May 2012 #3

Florida will fix it right after Hell freezes over. Fuddnik May 2012 #4

If you look closely at the insurance company that Wells Fargo contracts with mrdmk May 2012 #5

Wells Fargo just started something similar with our refi... FailureToCommunicate May 2012 #7

How can this be legal? This is horrible. nt Honeycombe8 May 2012 #6

Du rec. Nt xchrom May 2012 #8

Homeowner's insurance is one thing a homeowner should never try to go uber-cheap on slackmaster May 2012 #11

Our Mortgage Lender forces us to have flood insurance at $1600 a year Pachamama May 2012 #12

My bank ORDERED me to... meaculpa2011 May 2012 #13