Skip to content
BOL Conferences
Learn More - Click Here!

New Reply Thread Options
#2019829 - 06/11/15 03:17 PM Force place hazard ins
Anonymous
Unregistered

When force placing hazard insurance is it acceptable to add this fee to the loan principle balance?

Return to Top Reply Quote Quick Reply Quick Quote
#2019887 - 06/11/15 04:53 PM Re: Force place hazard ins Anonymous
Anonymous
Unregistered

We sometimes add the force place insurance costs to the loan balance. Check your loan agreement because we have wording that allows us to do so. Also, I would check your state laws because in my state there are additional notices and requirements we must follow if adding it to the loan.

Return to Top Reply Quote Quick Reply Quick Quote
#2020388 - 06/15/15 02:37 PM Re: Force place hazard ins Anonymous
Anonymous
Unregistered

Another question on this topic. When we receive 'evidence' of insurance but the bank is not listed as loss payee, are we required to cancel the force placed ins? Or can we require the 'evidence' have the loss payee clause included before we do so?

Return to Top Reply Quote Quick Reply Quick Quote
#2020393 - 06/15/15 02:40 PM Re: Force place hazard ins Anonymous
Anonymous
Unregistered

yes when you receive evidence of insurance you need to cancel - contact the company/agent & get the bank's name added as loss payee

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale