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(USGovernment-News.Com, August 15, 2012 ) New York, NY -- The force placed insurance attorneys working with ClassAction.org are looking to hear from borrowers who believe they were forced by their bank or mortgage lender into paying the high costs of an excessive, unnecessary or backdated insurance policy. A number of banks have been hit with lawsuits alleging that they abused their authority to buy insurance on their borrowers’ behalf, forcing already struggling homeowners’ to pay for insurance which is not only unnecessary or excessive, but also costs up to ten times as much as borrower-purchased policies. If your bank forced an excessive or unnecessary property, hazard, flood, wind, or other type of insurance policy on your property, the attorneys working with Class Action.org would like to hear from you to help determine whether legal recourse is available. To have your force placed insurance complaints evaluated at no cost to you, please visit http://www.classaction.org/forced-placed-insurance.html and fill out the form on the right.
Banks are legally permitted to buy insurance and expense it to the borrower should their existing coverage lapse; however, it has been alleged that some lenders are engaging in unfair business practices when force-placing these policies. Homeowners have claimed they are being billed for retroactive, duplicative or excessive insurance which was greater than required by law and greater than required by their mortgage agreement. Allegations have also surfaced that banks are not providing adequate notice to homeowners whose policies lapse, as well as forcing placing insurance on borrowers who already have adequate coverage. A number of force placed insurance lawsuits are claiming that banks are receiving kickbacks or commissions for purchasing these policies, the cost of which is added to their monthly mortgage payments or deducted from their home equity account.
ClassAction.org is currently offering a free case review to help determine whether legal action is available to those who suspect they were subjected to unnecessary or excessive lender placed coverage. If you believe you are paying for an excessive or unnecessary insurance policy, learn more about your eligibility to seek compensation for the high costs of this coverage by visiting http://www.classaction.org/forced-placed-insurance.html and completing the free form on the right.
About Class Action.org
Class Action.org is dedicated to protecting consumers and investors in class actions and complex litigation throughout the United States. Class Action.org keeps consumers informed about product alerts, recalls, and emerging litigation and helps them take action against the manufacturers of defective products, drugs, and medical devices. Information about consumer fraud issues and environmental hazards is also available on the site. Visit http://www.classaction.org today for a no cost, no obligation case evaluation and information about your consumer rights.
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