Posted on: 16th Sep, 2009 03:07 pm
THE INSURANCE COMPANY CAN'T GET THE MORTGAGE COMPANY ON THE PHONE, AND WE WERE PUT ON HOLD FOR 3 HOURS BEFORE THEY FINALLY HUNG UP ON US. NOW WHEN WE CALL IT JUST GOES STRAIGHT TO VOICEMAIL. THEY COLLECT OUR MONEY EVERY MONTH BUT THEY ARE NOT PAYING THE INSURANCE COMPANY. WHAT CAN I DO? I DON'T WAN'T MY POLICY CANCELLED!
Hi,
It's strange that the mortgage company isn't making the mortgage insurance payments to the insurance company. The mortgage insurance is actually meant to protect the lender in case of a default. If they're not paying the insurance premium properly, they are going to suffer in case you stop making the payments. But I don't understand why they aren't responding to your calls. It sounds a bit fishy. Which state are you in? I think you should contact the lending regulatory authority in your state and file a complaint against your lender.
It's strange that the mortgage company isn't making the mortgage insurance payments to the insurance company. The mortgage insurance is actually meant to protect the lender in case of a default. If they're not paying the insurance premium properly, they are going to suffer in case you stop making the payments. But I don't understand why they aren't responding to your calls. It sounds a bit fishy. Which state are you in? I think you should contact the lending regulatory authority in your state and file a complaint against your lender.
The home the mortgage is for is in New Mexico. The Mortgage company is in California. There is no local office I can go to. All I have is the phone numbers on the bill, there is a website but the number listed is the same as on the bill. Still since I last week My husband and I have not been able to get a hold of a person. We have left several messages, and still no response. The insurance company hasn't made any progress on getting a hold of them either.
it is really strange. pl check financial health of mortgage provider. it is creating doubt.
Thanks for the advise. I hope I can make some progress on this soon.
yes, if they are going to BK, you may face some unwanted problems
who is the lender? if we knew that, we might be able to give you better advice...maybe...
Stop making payments for few days or delay your payment to them by few days. Probaly they will call you to collect the payment
They woudl not want a to loose the money
But check aroudn and see if they are goign bankrupt
They woudl not want a to loose the money
But check aroudn and see if they are goign bankrupt
yes you need to take extra precaution. it is better than facing problem at a letter stage
i don't ever think it's a good idea to stop making payments. yes you want them to pay attention to you, but inviting negative attention isn't a particularly good idea.
The Mortgage Company is Guild Mortgage.
We were finally able to get a person on the phone the other day.
They claim that one of us called them and told them we were cancelling
our insurance policy. This doesn't make any sence, they were still collecting the same payment. If we were going to cancell the policy we would have to have another policy to replace it. They were trying to get us to agree on their insurance plan that would have made our mortgage payments increase about $100.00 a month. Personally I think that this was a scam to get more money from us. As of Monday, everything was suppose to be switched back to the way it should be, and a check was suppose to be issued to the insurance company. I don't know if there will be any extra fees from the insurance company, the policy was cancelled due to non payment, if there are any fees to get it reinstated, would I even be able to get the mortgage company to pay them since it is their error?
This whole thing should have never hapened. I'm am so frustrated!
This same exact thing happened a couple of years ago with our home in Arizona. It was never resolved. The insurance company dropped us as a client, and because there was no one living at the home at the time, no insurance company would cover the home. We had no choice but to agree to the policy provided by the mortgage company, out current mortgage for that place is $150.00 more than it should be. Its a total rip off.
We were finally able to get a person on the phone the other day.
They claim that one of us called them and told them we were cancelling
our insurance policy. This doesn't make any sence, they were still collecting the same payment. If we were going to cancell the policy we would have to have another policy to replace it. They were trying to get us to agree on their insurance plan that would have made our mortgage payments increase about $100.00 a month. Personally I think that this was a scam to get more money from us. As of Monday, everything was suppose to be switched back to the way it should be, and a check was suppose to be issued to the insurance company. I don't know if there will be any extra fees from the insurance company, the policy was cancelled due to non payment, if there are any fees to get it reinstated, would I even be able to get the mortgage company to pay them since it is their error?
This whole thing should have never hapened. I'm am so frustrated!
This same exact thing happened a couple of years ago with our home in Arizona. It was never resolved. The insurance company dropped us as a client, and because there was no one living at the home at the time, no insurance company would cover the home. We had no choice but to agree to the policy provided by the mortgage company, out current mortgage for that place is $150.00 more than it should be. Its a total rip off.
what are the odds of this happening to someone twice?
as for your having "no choice but to agree to the policy provided by the mortgage company," that's nonsense that they fed you. certainly, by now, assuming that someone is inhabiting the home (and even if not, maybe), an insurance company ought to be willing to write a policy for that arizona home. the lender cannot hold you hostage like that forever!
as for your having "no choice but to agree to the policy provided by the mortgage company," that's nonsense that they fed you. certainly, by now, assuming that someone is inhabiting the home (and even if not, maybe), an insurance company ought to be willing to write a policy for that arizona home. the lender cannot hold you hostage like that forever!
I agree, what are the odds. I had never heard of this kind of thing happening before when we were going thru this in Arizona. So when it started happening to us here I started freaking out about it. Two different
Lenders, two diff states. The only thing I can figure is that the mortgage companies are trying to find ways to get more money from their borrowers, and this is one of the ways they can do it.
We've switched our insurance plan for our Arizona home to the same company our New Mexico home is for. We should start seeing our bill
go down for the az home. It is still vacant, the economy is preventing us from selling or even renting it out right now. Only a handful of people have looked at it in 2 yrs. We've used the time to remodel it, and make it look new again. Hopefully someone will make it their home soon.
Lenders, two diff states. The only thing I can figure is that the mortgage companies are trying to find ways to get more money from their borrowers, and this is one of the ways they can do it.
We've switched our insurance plan for our Arizona home to the same company our New Mexico home is for. We should start seeing our bill
go down for the az home. It is still vacant, the economy is preventing us from selling or even renting it out right now. Only a handful of people have looked at it in 2 yrs. We've used the time to remodel it, and make it look new again. Hopefully someone will make it their home soon.
try to find another good insurance company.
it wouldn't be a way for the lenders to make money, but force-placed insurance is always far more expensive than any policy you might be able to acquire on your own.
i understand the situation in arizona; one of our former associates is living and working in phoenix and he told me some things recently that sound pretty awful.
and it's a great thing that you've been able to obtain new insurance with your current company.
i understand the situation in arizona; one of our former associates is living and working in phoenix and he told me some things recently that sound pretty awful.
and it's a great thing that you've been able to obtain new insurance with your current company.
My suggestion was to delay the payment a little bit, then that will make them to start paying attention to yoru issues