The mortgage on property I owned was not being paid, therefore the insurance (escrow) was not being paid. There was damage to the property; the mortgage company filed a claim, and collected. How with no police report, no statement from me, etc. The purchase insurance one week and filed a claim the next week.
2007-01-23 12:47:07 · 5 answers · asked by reel tur 2 in Business & Finance ➔ Insurance
The mortgage company is listed as a lien holder on the property and would have been paying the premiums on the policy for the property since you were not. The insurance company would have had the mortgage company information in its records from the beginning. The mortgage company would have had to notify the insurance company of the loss, and the amount they collected should be going to repair the damage, not into their own pocket. You have obviously defaulted and therefore are out of the loop at this point. They made a claim on the existing policy and did not go out and buy insurance one day and make a claim the next. A mortgagee is not going to allow a property in which it has an interest to go uninsured.
2007-01-23 13:13:04 · answer #1 · answered by Kokopelli 7 · 0⤊ 0⤋
Mortgage companies don't buy a policy for each property. They have a "mortgage impairment" policy, on a reporting form basis. What that means, is they have an open policy, which gets audited every month. Once a month, they send in a list of the properties which are not insured by the owner, and those go automatically on "their" insurance policy. Then the total (mortgage) value of all the properties gets calculated by the rate, and they are sent a bill for any additional premium or return premium, each month.
For smaller mortgage companies, the reporting form is on a quarterly basis.
Mortgage impairment only pays the mortgage company, and only pays up to the mortgage balance, and NEVER pays the property owner. You are a THIRD PARTY, so actually not involved. As they aren't interested in being a landlord or real estate agent, they don't really care about whether or not the property is repaired (it's not THEIR responsibility, it's the owners - until they forclose on it) - they only care about the dimunition in the value of the house, pre-loss to post loss. Which, their policy pays.
I wouldn't bet on the police report, though, depending on the type of loss, it might not be required, or it could have been filed by the mortgagee.
2007-01-23 14:38:08 · answer #2 · answered by Anonymous 7 · 0⤊ 0⤋
this does no longer make experience. you would have gained a deed in 2005. If the deepest loan corporation filed a end declare Deed in 2008 to a subsidiary, the deed will be invalid because they did not personal the resources. The call examiner doesn't comprehend the end declare Deed, yet they'd make a call for to document a sworn statement or new end declare Deed lower back to you. How did you hit upon out about this 2008 deed?
2016-10-16 00:29:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The wonderful world of mortgage business. The PMI premiums probably cove rd insurance for them.
2007-01-23 12:53:53 · answer #4 · answered by T C 6 · 0⤊ 0⤋
yes, I have heard of mortgage companies doing that.
2007-01-23 12:52:06 · answer #5 · answered by lady_daizee 3 · 0⤊ 0⤋