Answer:
I highly doubt it, but the borrower in taking this action is now in default and I would be sending a demand for full payment of the loan, if your contract allows it.
Refund Check from Insurance Company
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Question:
We paid escrow into a negative for insurance knowing that escrow would be even by the end of the year. The client cancelled the insurance and
received the refund check. Are insurance companies required to send the refund check back to the consumer or is there a way we can ensure going
forward that the refund checks come to the bank?
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