Posted on: 19th Aug, 2010 10:20 pm
Hi,
I have second loan on my house and there is an insurance for second loan. I am behind on my payments on my second loan and the bank collected insurance from the insurance company. Now insurance company sent me a letter stating that I have to pay the full loan amount to them.
As I paid insurance premium for the second loan, do I need to pay the loan amount also to the insurance company?
If so, can I negotiate with them to settle for less?
Please advice.
Thanks!
I have second loan on my house and there is an insurance for second loan. I am behind on my payments on my second loan and the bank collected insurance from the insurance company. Now insurance company sent me a letter stating that I have to pay the full loan amount to them.
As I paid insurance premium for the second loan, do I need to pay the loan amount also to the insurance company?
If so, can I negotiate with them to settle for less?
Please advice.
Thanks!
Hi Joe,
As far as I know, you will have to pay the dues to the insurance company in full. You should contact the insurance company and negotiate with them, to settle the dues for a lower amount. It would be their discretion whether or not they will reduce the dues.
Thanks,
Jerry
As far as I know, you will have to pay the dues to the insurance company in full. You should contact the insurance company and negotiate with them, to settle the dues for a lower amount. It would be their discretion whether or not they will reduce the dues.
Thanks,
Jerry