Posted on: 23rd Aug, 2010 04:14 pm
when i purchased my home i had to get flood ins. so i checked with fema and my bank and had enough to cover principle owed on loan (over by 20k) this was accepted by my bank and in fema guidelines so we close. 8 months later loan is sold to chase now im being told i dont have enough ins. and mortage payment goes up $250 month can bank change contract ??
Hi winemakr!
Welcome to forums!
As your mortgage has been transferred to a new bank, it will have it's own criteria, rules and regulations. Your present insurance policy might not satisfy the requirements of the new lender. So, they have asked for extra payments. You might take out a new insurance policy for your property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your mortgage has been transferred to a new bank, it will have it's own criteria, rules and regulations. Your present insurance policy might not satisfy the requirements of the new lender. So, they have asked for extra payments. You might take out a new insurance policy for your property.
Feel free to ask if you've further queries.
Sussane
The guidelines are set by fema for flood insurance so any bank has a right to change the guidelines and raise payments any time they want?
They will be able to increase the payments but it should remain within the FEMA guidelines.