jtrwgmom asked:
They back dated the policy back to August 09 when we had complete coverage through November. They have proof that we had coverage but will not remove the policy for the time we were double covered. Also, the policy coverage amount is more than double what the loan amount is. I was told this was illegal as pertains to the Texas CPI Act of 2001. The mortgage company has added an extra $486 to our monthly payment for the next 12 months to cover a policy that costs $1583.00. We now have windstorm coverage in effect through May 2011 that is paid in full. The mortgage company will not accept our proof of coverage and will not take off the FPI or adjust our “new” mortgage payment. We are now paying for 2 overlapping windstorm policies. I’m getting no where with the mortgage company and I’ve tried calling several local real estate lawyers, but no one will help me. We are in the process of refinancing our home, but that may take another 4-5 months.
I need to know what the laws are regarding FPI, windstorm insurance, and escrow accounts.
We live in Texas, if that makes a difference.
Thanks in advance!
Ernest
They back dated the policy back to August 09 when we had complete coverage through November. They have proof that we had coverage but will not remove the policy for the time we were double covered. Also, the policy coverage amount is more than double what the loan amount is. I was told this was illegal as pertains to the Texas CPI Act of 2001. The mortgage company has added an extra $486 to our monthly payment for the next 12 months to cover a policy that costs $1583.00. We now have windstorm coverage in effect through May 2011 that is paid in full. The mortgage company will not accept our proof of coverage and will not take off the FPI or adjust our “new” mortgage payment. We are now paying for 2 overlapping windstorm policies. I’m getting no where with the mortgage company and I’ve tried calling several local real estate lawyers, but no one will help me. We are in the process of refinancing our home, but that may take another 4-5 months.
I need to know what the laws are regarding FPI, windstorm insurance, and escrow accounts.
We live in Texas, if that makes a difference.
Thanks in advance!
Ernest