Thousands of Florida mortgages could be at risk because of insurance abuse

The insurance guarantees lenders that they will be repaid in full when the home is sold. Other types of reverse mortgages exist too-they’re called proprietary reverse mortgages-which are private loans backed by the companies that develop them. Proprietary reverse mortgages are usually available only for very high-value homes. A reverse mortgage is different from a traditional mortgage in that it doesn’t.

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 · How to Assume a Mortgage. Assuming a mortgage is a process by which you take over the payments on an existing loan rather than secure your own financing to purchase the house. Most lenders include a due-on-sale clause that prohibits a.

Consumers are clearly mindful that these climate change impacts could be within the window of a 30-year mortgage. The three studies are laudable because they attempt to quantify what the.

mortgage foreclosure against Appellee. According to the complaint, Appellee owns a home subject to a mortgage for which Appellant is the mortgagee. Appellant averred that Appellee’s mortgage was in default due to Appellee’s failure to pay her monthly mortgage costs. The parties eventually agreed to settle the matter.

Premium financing, says Kennedy, is "a way for a life insurance agent or premium finance company to make huge fees and commissions, but it could leave the client who signed for the loan holding.

And instead of south Florida – the focal. This drives up what could be a dispute over a few hundred dollars to a potential bill for a few thousand dollars for the insurance company. Large argues.

Florida Errors and Omissions Insurance for Mortgage Brokers We provide errors and omissions (E&O) insurance to Florida mortgage brokers and mortgage bankers who offer all types of residential and commercial loans, including hard money loans and reverse mortgages.

If a borrower does not pay the lender-placed insurance policy premium, they could be at risk of foreclose. Concern have also been raised over whether the growing use of lender-placed insurance is "reverse competition," where the lender chooses the coverage provider and amount, yet the consumer is obligated to pay the cost of coverage.

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TALLAHASSEE – An Ohio insurance-rating company has warned that recent court rulings and skyrocketing losses from water-damage claims have created an "uncertain operating environment" for Florida’s.