by Andy3B » Thu Aug 27, 2015 12:32 pm
Property: 900 sqft Condo in Miami
Lender: Carrington Mortgage Services
H06 placed by Lender at 331.79/mo, starting August 2014
H06 average in the area = 680 /yr.
Now they want me to pay them back the 331.79 x 10 months, from Aug.2014 to May 2015; since I bought my own H06 for 692/yr. in June 2015
Lender: Carrington Mortgage Services
H06 placed by Lender at 331.79/mo, starting August 2014
H06 average in the area = 680 /yr.
Now they want me to pay them back the 331.79 x 10 months, from Aug.2014 to May 2015; since I bought my own H06 for 692/yr. in June 2015
Posted: Fri Aug 28, 2015 08:36 pm Post Subject:
Your problem is that your mortgage required you to purchase insurance to protect the lender's interest in the condo. Because you failed to do that, they purchased a "forced-placed" policy for you, at your expense, with their money. YOU OWE THEM THE MONEY.
You could have stopped that whole process by purchasing your own insurance a year earlier. PAY UP or face foreclosure. How stupid would that be to lose your condo over a silly insurance policy you refused to pay for?
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