Posted on: 08th Mar, 2010 07:22 am
Hello,
I have a mortgage through Chase that I am currently 4 months behind on my payment. I escrow my taxes and insurance. I received a notice that Chase will be putting insurance on the property because the current policy has not been paid through escrow. I can pay the insurance, but cannot pay even 1 of the 4 house payments that I am behind on. Should I pay the insurance or let them put insurance on it? I am currently waiting to hear about a loan modification, but they did deny it before saying that I did not meet the criteria.
I have a mortgage through Chase that I am currently 4 months behind on my payment. I escrow my taxes and insurance. I received a notice that Chase will be putting insurance on the property because the current policy has not been paid through escrow. I can pay the insurance, but cannot pay even 1 of the 4 house payments that I am behind on. Should I pay the insurance or let them put insurance on it? I am currently waiting to hear about a loan modification, but they did deny it before saying that I did not meet the criteria.
Hi rockynotbalboa,
Though the lender puts an insurance on your mortgage, you would be liable for paying the premium. You can contact your lender and inform him that you would be able to pay off the insurance and check out whether or not he agrees to it. If he does not, then you will have to let him put an insurance on your property.
Though the lender puts an insurance on your mortgage, you would be liable for paying the premium. You can contact your lender and inform him that you would be able to pay off the insurance and check out whether or not he agrees to it. If he does not, then you will have to let him put an insurance on your property.