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(EMAILWIRE.COM, April 21, 2012 ) New York, NY – The attorneys working with ClassAction.org are investigating whether certain borrowers had an excessive homeowners insurance policy force placed on their property by their mortgage lender. While it is legal for mortgage lenders to force place insurance when a borrower’s policy lapses, claims have surfaced that certain banks are taking advantage of this authority. It has been alleged that certain mortgage lenders are buying exorbitantly priced policies on behalf of their borrowers, some of whom already had adequate coverage, and in some cases backdating these policies to collect premiums for time periods which have already passed. If you had an excessive, backdated or unnecessary homeowners insurance policy forced placed by your lender, you may be able to make a claim for money paid out to maintain this coverage, as well as other additional damages. To learn more about your eligibility for legal recourse, please visit http://www.classaction.org/forced-placed-homeowners-insurance.html for a free, no obligation case review.
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Several big name mortgage lenders have already been hit with forced placed insurance lawsuits on behalf of consumers who claim they had to pay for high-priced, excessive property, hazard or homeowner’s insurance. These suits allege that the banks are force placing unreasonable and inappropriate coverage on their borrowers, and receiving kickbacks for these purchases. It is believed that these practices present a conflict of interest between bankers and insurers, and the pending forced placed insurance lawsuits are seeking damages on behalf of affected borrowers.
It has been reported that the cost of a forced placed homeowners policy can cost up to ten times as much as coverage the borrower could have purchased on their own. Additionally, these policies also tend to offer the borrower less protection. If you suspect you have been paying for an excessive and overpriced lender placed insurance policy, the attorneys working with ClassAction.org would like to hear from you to aid in their investigation. To receive your free case review, visit ClassAction.org today.
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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