today i recevied a bill that flood ins was add to by policy from chase home finance what is this all about
Total Comments: 28
Posted: Wed Jun 09, 2010 12:34 am Post Subject: Chase Flood insurance
My condo pays for flood insurance at 80% ( the federal requirement). Chase has decided to require 100% replacement cost. The did not tell me until they purchased flood insurance for me at $2500.00 the normal cost for the 20% coverage is less than $300.00 a year. If Chase making a profit? and don't they have to give me time to find flood insurance ?
Rosa
Posted: Thu Jun 10, 2010 11:11 am Post Subject:
The did not tell me until they purchased flood insurance for me at $2500.00 the normal cost for the 20% coverage is less than $300.00 a year.
and don't they have to give me time to find flood insurance ?
I'm sure they HAD to have sent out a letter or two giving you 'x' amount of time to get your own policy and prove this to them. Ask them...they will have a copy of what they have sent...This is a HUGE difference in premium...If I were you I'd get to finding my own coverage, and quick, then contact them, send them the binder or dec page whatever they need to cancel their policy (your agent can do this for you).
If Chase making a profit?
Rosa
Something isn't right here...I would expect their 'forced' coverage to be higher but not that much..You need to get on this ASAP or continue paying this HUGE premium.
Posted: Tue Jun 29, 2010 05:43 pm Post Subject: Chase Flood Insurance
After owning my condo for 3 years Chase bought a very expensive ($2500 per year) flood insurance without my knowledge. They claimed to have warned me but I never received other letters. After sending them the condo flood insurance they told me that I would receive my money back in 3 weeks. When this did not happen they said the insurance was still active and they would cancel it and refund the years cost. Ten days later the policy was still active. I called my buddy, a Chase executive, and the policy and partial refund were isssued same day. You need to stay on top of this department. I would have gotten a bill next year as well if I hadn't been so vigilant.
The same thing happened to a friend of mine at the same condo. We found out that Chase already had the insurance on file later.
Posted: Mon Jul 19, 2010 02:09 pm Post Subject: chase bank and flood insurance
I bought my house 12 years ago and my loan was with Bank One. But Chase bought them out. My house is still in the same place it was since 1923. I wasn't in the flood zone than and I'm still not. My house is 40 feet above sea level (on a hill) and if my house floods we better have an ark. But chase took out flood insurance on my house with out my knowing for $250,000.00, replacement is only $86,500.00 that's $2652.00 a year and $221.30 a month for something I don't need. I never got any paper work or signed any papers for flood insurance. If they can just start charging for flood insurance with out your okay were does it end, what will they make us start paying next. I hate chase bank you can never get a staright answer out of them. But first you need to find someone to speak english. I paid my May payment for the full amount. Half way through the month I get a letter and phone calls that I didn,t make a payment. They took my principal amount for flood insurance. So in June I made that payment and another may principal payment. Again middle of june another letter and phone calls 3 to 4 times a day everyday, I was still late on my principal because they keep taking my money for the principal of my loan for flood insurance how that right. In July I had paid the principal for may 3 times and June 2 times July 1 time and paid another $265.00 to caugh up may and june. This is really wrong. And I had to get my homeowners insurance to take out flood insurance on my house, He knows I wont flood. But now Chase wont pay me back $663.90 I paid in to flood insurance. That money wasn't was part of my loan but that's were they put it. I don't understand how this bank can keep screwing us out of our money?
Posted: Mon Jul 19, 2010 03:13 pm Post Subject: chase bank and flood insurance
I bought my house 12 years ago and was not in the flood zone. My house is 87 years old and has never been flooded or close to being flooded. Chase Bank bought out Bank one witch is who had my loan first. I HATE Chase Bank they always giving you the run around if you get someone who speaks english. I never got anything telling me I needed flood insurance. When I got my May bill there was a $221.30 more they wanted for flood insurance, I thought this can't be right so I only made my loan payment. By May 20th I'm getting a letter and phone calls telling me I didn't make my payment and was imformed that they use my principal money for flood insurance. So I found out they are charging me $250,000.00 for what my housed is worth, that $2652.00 a yaer and $221.30 a month. My replacement on my house is only $86,500.00 if it would burn down. BIG BIG difference. So I went and got flood insurance with my homeowners insurance for what I owed on my loan. Sent that in. Then went and paid June payment and the principal again for May. Half way through the month another letter and phone calls 3 and 4 times a day every day. Still late they tell me. They told me that flood insurance had to be the same as replacemant value not that the loan is for. So I paid July payment paid everything up to date, and paid the extra $265.05 for May and June, so I paid my May principal 3 times and June's 2 times and July's once. So I've paid $663.90 for flood insrance for 3 months and they cancelled the insurance and I have to pick up more with my insurance guy but they wont mail me back my money. They put it on my principal and now I don't have the money to pay for it. I'm so tried of Chase Bank screwing people over.
Posted: Tue Jul 20, 2010 10:10 am Post Subject: penny stocks
This is a really good read for me, Must admit that you are one of the best threads I ever saw.Thanks for posting this informative post.Thanks for the insight! There is a lot of helpful information within those links.
Posted: Sat Jul 31, 2010 12:26 pm Post Subject: Class Action Against Chase on Flood Insurance
There is a class action suite against Chase on this Forced Flood Insurance farce. Everyone should hop aboard and give Chase what they truly deserve.
On June 17, 2010, we filed a Complaint on behalf of a proposed class of New York homeowners who Chase required to purchase flood insurance in connection with a mortgage loan or line of credit. The lawsuit alleges that Chase unfairly requires its customers to purchase and maintain unnecessary and excessive flood insurance for their property in amounts greater than necessary to secure the outstanding balance of their loan or HELOC. Plaintiff seeks, among other things, reimbursement of all unfair and excessive premiums.
The following staff from Nichols Kaster, PLLP are handling this case:
Posted: Mon Sep 27, 2010 04:03 pm Post Subject:
Chase is doing this as a revenue generating tactic. I have property in fllod plane, but I by buy my own insurance--which exceeds Chase's requirements--but I get the Chase flood insurance put on my loan about twice per year. I send them a copy of my declarations page and a copy of an appraisal--and I do this at least twice per year.
At a minimum, Chase is recouping interest on the added flood insurance and it is clearly a profit activity for them.
they get a copy of my flood declarattions page each year. they never have that on file, according to them, but they do know how much additional flood insurance to hit me with.
I'd guess they are not only getting addtional interest money from this, but my best guess would be they are getting part of the premium for the additional flood insurance--or some kind of fee from the carrier.
I've talked to some attorneys, but none have wanted the case on contigency as of yet. If there are others out there with similar stories, contact Jere Beasley in Alabama & do an online consult with them
Posted: Mon Sep 27, 2010 04:46 pm Post Subject:
Chase is doing this as a revenue generating tactic. I have property in fllod plane, but I by buy my own insurance--which exceeds Chase's requirements--but I get the Chase flood insurance put on my loan about twice per year. I send them a copy of my declarations page and a copy of an appraisal--and I do this at least twice per year.
Federal law requires federally-supervised/regulated lenders (whose loans are packaged for FNMA or GNMA) to be certain that properties mortgaged by them are properly NFIP insured.
However, if you are actually doing the right thing by purchasing your own NFIP policy with proper coverage amounts in addition to your homeowner's insurance, and this is still occurring, you should be complaining to your state's Dept of Insurance about UNFAIR ACTS OR PRACTICES. It's not something lawyers would probably be much interested in pursuing, but the DOI certainly will.
Contact your state's Dept of Insurance and file a complaint ASAP!! If it's determined to be an unlawful "general business practice", the state will fine them heavily, and perhaps order some restitution (or leave them exposed to civil suits for their misdeeds).
Posted: Sun Nov 21, 2010 07:09 am Post Subject: Chase is a rip off
Chase send a letter saying i needed flood insurance and that i had 45days to get it are they would get it for me. The price would be three time the amount if they bought it. So, I bought it myself. I had to get it by 08/04/2010 and I did. 124,000.00 of flood insurance on a 70,000.00 house that I only owe 18,000.00 on. At a 830.00 a year i never had to have flood insurance and i have been living here for 19years. Here is the kicker on 11/15/2010 I got another letter saying that I need to increase my flood insurance because I didn't have adequate coverage. Now they want me to get another 121,000.00 of coverage. Are they crazy. I think they are trying to scam me. I think chase is hoping I didn't notice to letter. And, bam right at Christmas time just and it to my 34 months left loan.
Posted: Wed Jun 09, 2010 12:34 am Post Subject: Chase Flood insurance
My condo pays for flood insurance at 80% ( the federal requirement). Chase has decided to require 100% replacement cost. The did not tell me until they purchased flood insurance for me at $2500.00 the normal cost for the 20% coverage is less than $300.00 a year. If Chase making a profit? and don't they have to give me time to find flood insurance ?
Rosa
Posted: Thu Jun 10, 2010 11:11 am Post Subject:
The did not tell me until they purchased flood insurance for me at $2500.00 the normal cost for the 20% coverage is less than $300.00 a year.
and don't they have to give me time to find flood insurance ?
I'm sure they HAD to have sent out a letter or two giving you 'x' amount of time to get your own policy and prove this to them. Ask them...they will have a copy of what they have sent...This is a HUGE difference in premium...If I were you I'd get to finding my own coverage, and quick, then contact them, send them the binder or dec page whatever they need to cancel their policy (your agent can do this for you).If Chase making a profit?
Something isn't right here...I would expect their 'forced' coverage to be higher but not that much..You need to get on this ASAP or continue paying this HUGE premium.Rosa
Posted: Tue Jun 29, 2010 05:43 pm Post Subject: Chase Flood Insurance
After owning my condo for 3 years Chase bought a very expensive ($2500 per year) flood insurance without my knowledge. They claimed to have warned me but I never received other letters. After sending them the condo flood insurance they told me that I would receive my money back in 3 weeks. When this did not happen they said the insurance was still active and they would cancel it and refund the years cost. Ten days later the policy was still active. I called my buddy, a Chase executive, and the policy and partial refund were isssued same day. You need to stay on top of this department. I would have gotten a bill next year as well if I hadn't been so vigilant.
The same thing happened to a friend of mine at the same condo. We found out that Chase already had the insurance on file later.
Posted: Mon Jul 19, 2010 02:09 pm Post Subject: chase bank and flood insurance
I bought my house 12 years ago and my loan was with Bank One. But Chase bought them out. My house is still in the same place it was since 1923. I wasn't in the flood zone than and I'm still not. My house is 40 feet above sea level (on a hill) and if my house floods we better have an ark. But chase took out flood insurance on my house with out my knowing for $250,000.00, replacement is only $86,500.00 that's $2652.00 a year and $221.30 a month for something I don't need. I never got any paper work or signed any papers for flood insurance. If they can just start charging for flood insurance with out your okay were does it end, what will they make us start paying next. I hate chase bank you can never get a staright answer out of them. But first you need to find someone to speak english. I paid my May payment for the full amount. Half way through the month I get a letter and phone calls that I didn,t make a payment. They took my principal amount for flood insurance. So in June I made that payment and another may principal payment. Again middle of june another letter and phone calls 3 to 4 times a day everyday, I was still late on my principal because they keep taking my money for the principal of my loan for flood insurance how that right. In July I had paid the principal for may 3 times and June 2 times July 1 time and paid another $265.00 to caugh up may and june. This is really wrong. And I had to get my homeowners insurance to take out flood insurance on my house, He knows I wont flood. But now Chase wont pay me back $663.90 I paid in to flood insurance. That money wasn't was part of my loan but that's were they put it. I don't understand how this bank can keep screwing us out of our money?
Posted: Mon Jul 19, 2010 03:13 pm Post Subject: chase bank and flood insurance
I bought my house 12 years ago and was not in the flood zone. My house is 87 years old and has never been flooded or close to being flooded. Chase Bank bought out Bank one witch is who had my loan first. I HATE Chase Bank they always giving you the run around if you get someone who speaks english. I never got anything telling me I needed flood insurance. When I got my May bill there was a $221.30 more they wanted for flood insurance, I thought this can't be right so I only made my loan payment. By May 20th I'm getting a letter and phone calls telling me I didn't make my payment and was imformed that they use my principal money for flood insurance. So I found out they are charging me $250,000.00 for what my housed is worth, that $2652.00 a yaer and $221.30 a month. My replacement on my house is only $86,500.00 if it would burn down. BIG BIG difference. So I went and got flood insurance with my homeowners insurance for what I owed on my loan. Sent that in. Then went and paid June payment and the principal again for May. Half way through the month another letter and phone calls 3 and 4 times a day every day. Still late they tell me. They told me that flood insurance had to be the same as replacemant value not that the loan is for. So I paid July payment paid everything up to date, and paid the extra $265.05 for May and June, so I paid my May principal 3 times and June's 2 times and July's once. So I've paid $663.90 for flood insrance for 3 months and they cancelled the insurance and I have to pick up more with my insurance guy but they wont mail me back my money. They put it on my principal and now I don't have the money to pay for it. I'm so tried of Chase Bank screwing people over.
Posted: Tue Jul 20, 2010 10:10 am Post Subject: penny stocks
This is a really good read for me, Must admit that you are one of the best threads I ever saw.Thanks for posting this informative post.Thanks for the insight! There is a lot of helpful information within those links.
Penny Stocks
Posted: Sat Jul 31, 2010 12:26 pm Post Subject: Class Action Against Chase on Flood Insurance
There is a class action suite against Chase on this Forced Flood Insurance farce. Everyone should hop aboard and give Chase what they truly deserve.
On June 17, 2010, we filed a Complaint on behalf of a proposed class of New York homeowners who Chase required to purchase flood insurance in connection with a mortgage loan or line of credit. The lawsuit alleges that Chase unfairly requires its customers to purchase and maintain unnecessary and excessive flood insurance for their property in amounts greater than necessary to secure the outstanding balance of their loan or HELOC. Plaintiff seeks, among other things, reimbursement of all unfair and excessive premiums.
The following staff from Nichols Kaster, PLLP are handling this case:
Posted: Mon Sep 27, 2010 04:03 pm Post Subject:
Chase is doing this as a revenue generating tactic. I have property in fllod plane, but I by buy my own insurance--which exceeds Chase's requirements--but I get the Chase flood insurance put on my loan about twice per year. I send them a copy of my declarations page and a copy of an appraisal--and I do this at least twice per year.
At a minimum, Chase is recouping interest on the added flood insurance and it is clearly a profit activity for them.
they get a copy of my flood declarattions page each year. they never have that on file, according to them, but they do know how much additional flood insurance to hit me with.
I'd guess they are not only getting addtional interest money from this, but my best guess would be they are getting part of the premium for the additional flood insurance--or some kind of fee from the carrier.
I've talked to some attorneys, but none have wanted the case on contigency as of yet. If there are others out there with similar stories, contact Jere Beasley in Alabama & do an online consult with them
Posted: Mon Sep 27, 2010 04:46 pm Post Subject:
Chase is doing this as a revenue generating tactic. I have property in fllod plane, but I by buy my own insurance--which exceeds Chase's requirements--but I get the Chase flood insurance put on my loan about twice per year. I send them a copy of my declarations page and a copy of an appraisal--and I do this at least twice per year.
Federal law requires federally-supervised/regulated lenders (whose loans are packaged for FNMA or GNMA) to be certain that properties mortgaged by them are properly NFIP insured.
However, if you are actually doing the right thing by purchasing your own NFIP policy with proper coverage amounts in addition to your homeowner's insurance, and this is still occurring, you should be complaining to your state's Dept of Insurance about UNFAIR ACTS OR PRACTICES. It's not something lawyers would probably be much interested in pursuing, but the DOI certainly will.
Contact your state's Dept of Insurance and file a complaint ASAP!! If it's determined to be an unlawful "general business practice", the state will fine them heavily, and perhaps order some restitution (or leave them exposed to civil suits for their misdeeds).
Posted: Sun Nov 21, 2010 07:09 am Post Subject: Chase is a rip off
Chase send a letter saying i needed flood insurance and that i had 45days to get it are they would get it for me. The price would be three time the amount if they bought it. So, I bought it myself. I had to get it by 08/04/2010 and I did. 124,000.00 of flood insurance on a 70,000.00 house that I only owe 18,000.00 on. At a 830.00 a year i never had to have flood insurance and i have been living here for 19years. Here is the kicker on 11/15/2010 I got another letter saying that I need to increase my flood insurance because I didn't have adequate coverage. Now they want me to get another 121,000.00 of coverage. Are they crazy. I think they are trying to scam me. I think chase is hoping I didn't notice to letter. And, bam right at Christmas time just and it to my 34 months left loan.
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