Did you know the lender holding your home mortgage requires you keep your home insured with a loss payable to the lender? If it is not in an escrow account maintained by the lender then you still have to provide proof of insurance with a loss payable to the lender. What happens if you don’t maintain this insurance? Well the lender buys it for you at an inflated price( priced at much higher price than the policy you provided). This new policy is billed to you and it is part of your mortgage. Since these new policies are so overpriced that in some cases, they have caused some borrowers to default on their loans. Now the federal government has gotten involved and is attempting to make arrangements for less expensive forced coverage policies. See the latest article in the REALTOR Magazine Weekly Issue.
Need a home to insure? Just email: EARL@EARLPARK.NET or Phone: 770-377-5793