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Contact the State Agency that governs lending institutions. The name of the agency varies greatly from one state to another so you'll have to do a little local research but it should be quite easy. That seems a lot like fraud and you should go after these people as soon as possible, but it's also possible that it's just an oversight. In any case, take care of it now.

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โˆ™ 2006-04-09 15:52:35
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Q: What legal right do you have if your mortgage payment includes insurance and tax payments and the mortgage company does not pay?
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What services does cenlar mortagage have?

Cenlar is a subservicing company. A company that provides mortgage subservicing will collect your monthly mortgage payments and maintains your escrow account for tax and insurance payments. Many banks use them to handle the maintenance of their mortgage loans.

Does insurance company have to pay mortgage if house fire?

NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.

How do you cash check from homeowner insurance claim that includes mortgage company?

Endorse the check & send it to your Mortgage company. They will decide how much you get from it.

What is mortage insurance?

The term Mortgage Insurance can mean different things to different people and in a variety of situations. I have heard it refer to life insurance designed to pay off a mortgage balance due to death of an insured person. another type of Mortgage Insurance is products such a PMI, which indemnifies a bank or mortgage company in the case of a default on a mortgage loan. In this type of mortgage insurance the person who takes out the loan pays the premiums through their house payments, but will not receive any benefit from the insurance as the only one who gets paid is the bank or mortgage company. The insurance company can then still come after the borrower for the amount of their loss.

Who benefits from a mortgage insurance claim?

The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.

What can you do about a mortgage company that does not report your on-time payments?

Call the mortgage company and ask why the payments are not being reported (its illegal to NOT report payments) Further, you can call the credit bureaus, and they will request the information from the mortgage company. Realize, that in some instances credit reporting can be suspended.

What does account impounding mean?

Account impounding is an accounting term used to describe an account that is maintained by a mortgage company. This account collects hazard insurance, property taxes, private mortgage insurance, and other required payments.

Do Canadian mortgages provide insurance?

Some Canadian mortgages do charge a premium for mortgage default insurance. If a mortgage company includes this type of premium in the mortgage, they are obligated by law to disclose the amount to the borrower.

How do you know if you had mortgage insurance?

This depends on what you mean by mortgage insurance. If you are talking about products like PMI (Premium Mortgage Insurance) look on your escrow billing and it will be listed. If you are talking about a life insurance policy that would be either through credit life with your mortgage company or separately through an insurance company.

Can your mortgage company attach your savings account if you are behind on payments?


Can your mortgage company harass you?

It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.

What happen your mortgage if you lost your incame?

If you have mortgage insurance that covers the reason of your income loss (disability, involuntary unemployment) then the insurance company will pay the premiums according to your policy's benefits schedule. If you don't have mortgage insurance, you can use savings, retirement funds, borrow money, or you can try to negociate your mortgage terms with your lender. Unfortunately, many mortgage clients believe they don't need mortgage insurance and they find themselves forced to file for bankruptcy and lose their home if something happens. The PMI (private mortgage insurance) will protect your mortgage payments and help you keep your home!

Will homeowners insurance cover the loss of personal property if you're behind on your mortgage and you have a compound loan?

Most likely it will depending on what the mortgage company's policy is. The insurance policy is purchased at one time during the year, therefore it will be in place even though you are behind in mortgage payments. If your mortgage payment includes a prorated portion of the annual insurance policy and you are behind in payments at the time rewal of the policy comes up, the mortgage company will likely pay for the policy using the accumulated reserves from the past months and paying the remaining amount for you. The bank will simply charge you later when you catch up on payments or add it to the amount due in a foreclosure action. The bank protects its own interests this way too. But you should see if your mortgage bank has a policy of paying only that portion of the premium that protects the house and land and not the contents. Also check with the homeowners' insurance company and read your policy.

What service does Liberty National provide?

National Liberty Life Insurance Company offers a wide range of life insurance products including traditional life insurance products, health and accident insurance as well as products such as insurance to cover mortgage payments.

Who receives the mortgage insurance payments?

The insurance company. Mortgage insurance premiums may be tax deductible. To qualify, the insurance policy must be for home acquisition debt on a first or second home. Home acquisition debt are loans whose proceeds are used to buy, build, or substantially improve your residence. Thus mortgage insurance policies on cash-out refinances and home equity loans won't qualify for the deduction.

Can your insurance company refuse to pay your mortgage because you are going on holidays?

Insurance companies do not pay your mortgage for you regardless of if your on vacation or not.

Does mortgage company know the change of the homeowner insurance to landlord insurance?

Your Insurance Company is required by law to provide a copy of insurance policy at renewal time to your mortgage company and to notify them of any endorsements or changes in coverage. They may Notice it if they review your policy.

What company took over mortgage payments from Countrywide?

Bank of America too over payments from Countrywide after the mortgage fraud by Countrywide. The mortgage settlement should send billions of dollars to struggling homeowners.

Can you sue your mortgage company in your state or do you have to sue in the state they are HQ'd in?


Which is the most popular mortgage insurance company in the UK?

The most popular mortgage insurance company in the United Kingdom is Genworth. They are a Fortune 500 company which also operates worldwide in over 25 countries.

Can a mortgage company take your home if a insurance refuses to insure property?

The Mortgage company can foreclose on your home if you fail to meet the requirements you agreed to in your finance contract. Hazard Insurance on a home is almost always required by the lender under the terms of the contract. Failure to obtain and maintain the required coverage is a default on your loan, much the same as if we miss mortgage payments. The mortgage company would not foreclose because your home is un-insurable. They would foreclose because you failed to purchase the required property insurance. It is up to the homeowner to maintain the home in a condition that it can be insured.

My mother passed away I have siblings and no one has reported her death to the mortgage company we can't afford the house payments is it the law that you have to report it to the mortgage company?

No, once the mortgage company begins the foreclosure process they will find out that your mother is dead. This will not stop the foreclosure process. The only way to avoid that is to make the payments.

Can an insurance agency have financial interest in mortgage company?

Usually yes because an insurance agency does not issue the insurance, it sells or brokers an insurance contract that is issued by an insurance. However some insurances do not like it when there is a controlling interest in a mortgage company. It all depends.

Which mortgage protection service or company covers payments if you were dismissed in your job?


How To Save On Mortgage Insurance ?

Mortgage insurance, also known as private mortgage insurance or PMI, is a mortgage guarantee insurance provided by a private insurer. The policy is security for your mortgage company or lender in the event that you are not able to make payments on your mortgage loan. In other words, if you default on your mortgage payments the insurer will compensate the mortgage company for their financial loss.Generally speaking avoiding PMI, entails coming up with a 20% down payment when purchasing your home to avoid paying a mortgage insurance premium.PMI charges vary slightly but as a homeowner you can typically expect to pay about $40-$50 each month per $100,000 financed. For example, for a $200,000 loan you might pay almost $100 per month in mortgage insurance or over $1,000 each year. Clearly, the larger your mortgage payment is the larger your mortgage insurance payment will be.Keep in mind that that once you reach a 20% equity position in your property, you can have your property reappraised and your mortgage insurance payment can be eliminated. In rapidly appreciating real estate markets this process may only take two to five years. This is one way to save money with mortgage insurance; keep track of your equity position and request to have your PMI payment dropped when you reach 20%. Remember that mortgage insurance premiums are not tax deductible and this is one more reason you want to get rid of your PMI payment as soon as possible.Mortgage Insurance And The LawAll home mortgages executed on or after July 29, 1999, must - with certain exceptions – terminate PMI automatically when you reach 22 per cent equity in your home if your mortgage payments are current. This 22% position is based on the original property value. Your mortgage insurance also can be canceled, upon your request - with some exceptions - when you reach 20 per cent equity in your home based on the original loan to value ration, again, if your mortgage payments are current.One exception to the above-referenced scenario is when your loan is considered high-risk. Another exception is when you have not been current with your payments within the year preceding your request for termination or cancellation of your mortgage insurance payment. A third exception to the rule occurs when you have other liens on your property. For these other loans, your lender is permitted to continue assessing mortgage insurance payments. Check with your lender or mortgage servicer (the company that collects your mortgage payments) for more specific information concerning these requirementsSecond Way To SaveA second option is available when it comes to saving on mortgage insurance payments (or avoiding them altogether) is obtaining a second loan to make up the short fall. If you have a 5% down payment available you can usually obtain a second mortgage for 15% to avoid a mortgage insurance payment. Be cautious with this approach as many unsuspecting homeowners end up paying more for their second mortgage than they would if they simply paid the PMI. Double check all of your financial assumptions when going this route. It may even be in your interest to check with your trusted financial professional.