Posted on: 09th Jun, 2009 06:53 am
One of my friend got a notice that his Home owner's Hazard Insurance has been canceled.
His lender force-placed hazard insurance with a different company and it costs a lot more. Can a lender do this ?
His lender force-placed hazard insurance with a different company and it costs a lot more. Can a lender do this ?
Hi robertsmith
The lender has the right to ask a borrower to go for a hazard insurance. I guess the insurance company canceled the insurance for the non-payment of the premiums. In my opinion, the lender has the right to force a borrower for a hazard insurance.
Thanks.
The lender has the right to ask a borrower to go for a hazard insurance. I guess the insurance company canceled the insurance for the non-payment of the premiums. In my opinion, the lender has the right to force a borrower for a hazard insurance.
Thanks.