Posted on: 13th Jul, 2009 05:57 pm
My mortgage company, Towne Mortgage (based out of Troy, MI)has been receiving my mortgage payment which includes monies for my home owners insurance. I just recevied a threatening letter from Towne Mortgage that states since I do not have insurance, they secured insurance at a rate of $2100.oo a year. Upon calling them, they say they have $1600 in my escrow account but never received insurance billing from my insurer. My insurer, whom I have had for the past 4 years, said they sent the bill to Towne Mortgage and were given 2 months to pay the bill and never did. As a result my policy was cancelled. The policy can be re-written with the same insurance company, at a higher rate. Either the mortgage company or the insurance company are at fault for this. I don't feel that it should be my responsibility to fix what they did. What can I do about this?
Hi quebholder!
Welcome to forums!
You are correct that it is either the insurance company or your lender who is at fault and you are not responsible for it. However, now it would be better if you could negotiate with both of them and clear off the issue. If you don't do this, may be the lender would take some other steps against you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You are correct that it is either the insurance company or your lender who is at fault and you are not responsible for it. However, now it would be better if you could negotiate with both of them and clear off the issue. If you don't do this, may be the lender would take some other steps against you.
Feel free to ask if you've further queries.
Sussane
Call customer service and raise hell. You have escrow set aside for that reason, so they pay. Have the insurance company provide something in writing say they sent the bill to them and to the correct address.