Forced Placed Insurance Leads to Fraudclosure, Attorney Calls it a ...

Forced Placed Insurance Leads to Fraudclosure, Attorney Calls it a Case of Fraud

Posted by 4closureFraud on October 20, 2011 ? 5 Comments?

Forced insurance leading to foreclosure

HERNANDO BEACH ? Thousands of people in Hernando County are being forced into foreclosure because of what banks call ?force placed insurance.? But some homeowners and their advocates call it fraud, and they are fighting back.

At issue is homeowner?s insurance. If a homeowner doesn?t pay it, the bank will buy insurance and bill the homeowner. In Hernando County, where sinkholes are rampant, insurance rates have skyrocketed.

It has left people like Joyce Wogan vulnerable. Wogan pays her mortgage on time every month, but she just got an ominous letter from the bank. . It read in part ??.your current flood insurance doesn?t meet the minimum required amount. We?ve purchased temporary insurance to protect our investment in the property.?

Here?s the problem: Wogan?s annual insurance premium went from rough $1,500.00 a year to more than $7,000.00.

Wogan?s attorney calls it a case of fraud.

Check out the rest here?

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Related posts:

1. New Tactic for Forced Placed Insurance? Allstate Cancels Homeowner?s Insurance Policy Because of Nearby Abandoned Property
2. Corruption? | Foreclosure Fraud Investigators Forced Out at Pam Bondi?s Office
3. Well Hello ? Huffington Post ? Pelosi Calls For Investigation Of Foreclosure Fraud
4. Losses from Force-Placed Insurance Are Beginning to Rankle Investors
5. Rep. Grayson Calls on FBI and US Attorney to Prosecute Bank Crimes: ?We do not have an apology-based legal system?

Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud

Source: http://4closurefraud.org/2011/10/20/forced-placed-insurance-leads-to-fraudclosure-attorney-calls-it-a-case-of-fraud/

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