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Message
re: Cancelled Homeowners Policy due to late Mortgagee Payment
Posted on 8/8/23 at 8:36 am to TigerTatorTots
Posted on 8/8/23 at 8:36 am to TigerTatorTots
Years ago I had Mr. Cooper when Citibank sold off their mortgages. I thought they were great in all respects except for timely payment on escrow.
I had the same thing happen to me 3 years in a row but luckily that was years ago and insurers weren't looking for reasons to drop policies.
Now, give them any reason and you are toast.
I hope you get that resolved.
I had the same thing happen to me 3 years in a row but luckily that was years ago and insurers weren't looking for reasons to drop policies.
Now, give them any reason and you are toast.
I hope you get that resolved.
0
Posted on 8/8/23 at 10:04 am to TigerTatorTots
Blessing in disguise? I’d take the opportunity to self insure if your mortgage doesn’t follow up and require a policy in escrow. Rates are OOC as it is and only going to get worse.
Posted on 8/8/23 at 10:37 am to Weekend Warrior79
quote:Update: I called Allied Trust back this morning, informed them that Mr Cooper said they wired the money on 7/17. Allied Trust informed me that is impossible because they do not accept wires for payments. The plot thickens.
Then they would have no objections to proving the wire was made and when the funds left their account
Turned it over to my agent now that we are in business hours. Looks like I'm going to have to come out of pocket for the payment and get refunded when Allied Trust receives the payment from the mortgage company (or my Escrow if that check never arrives). What a shite show
This post was edited on 8/8/23 at 10:41 am
Posted on 8/8/23 at 10:44 am to TigerTatorTots
quote:
Turned it over to my agent now that we are in business hours. Looks like I'm going to have to come out of pocket for the payment and get refunded when Allied Trust receives the payment from the mortgage company (or my Escrow if that check never arrives)
My agency has someone whose literal job it is to chase down $$$ from mortgage companies. It’s a full time position for the 2k homeowners policies we have that are escrowed.
She spends roughly 25 hrs/Wk calling, emailing, re-faxing and uploading docs.
In an ideal world, her position wouldn’t be necessary, but mortgage companies are getting real bad about holding onto escrowed insurance payments til the last minute. I presume this is due to the rate increases across the board over the past year or so.
Posted on 8/8/23 at 10:46 am to TigerTatorTots
I would think the mortgage company would take this pretty seriously because they have an uninsured asset on the books? I have an inhouse mortgage loan with a local bank on a rental property and I've screwed around with insurance in the past and they didn't like it at all. But that was a smaller local bank.
Posted on 8/8/23 at 10:46 am to TigerTatorTots
"Turned it over to my agent now that we are in business hours. Looks like I'm going to have to come out of pocket for the payment and get refunded when Allied Trust receives the payment from the mortgage company (or my Escrow if that check never arrives). What a shite show"
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One the bright side, at least the policy will still be in place.
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One the bright side, at least the policy will still be in place.
Posted on 8/8/23 at 11:04 am to ItzMe1972
quote:Yep, kind of relieved at this point
One the bright side, at least the policy will still be in place.
Posted on 8/8/23 at 11:11 am to TigerTatorTots
quote:
Allied Trust informed me that is impossible because they do not accept wires for payments.
Then how have they accepted the payments before?
Posted on 8/8/23 at 11:25 am to TigerTatorTots
This almost happened to me last year. My agent called me and said they hadn't received a check from the mortgage company. Mortgage company didn't send it until like 5 days before the policy was set to expire. I told me agent if they didn't get the check by the last day I'd come pay it and fight to get the money back from the mortgage company. Luckily I think it arrived a day or so before it was going to cancel.
Posted on 8/8/23 at 1:10 pm to TigerTatorTots
Are you required to escrow? I'm not and don't for this very reason.
Posted on 8/8/23 at 2:27 pm to TigerTatorTots
I’ve been paying my property tax on my own every year and then my mortgage company sends me a refund for the same amount
Is there really any benefit to having them pay it?
Is there really any benefit to having them pay it?
Posted on 8/8/23 at 6:33 pm to iknowmorethanyou
quote:
Are you required to escrow? I'm not and don't for this very reason.
Your mortgage agreement likely requires it, but they might waive it. Many years ago, my mortgage company failed to pay my HO premium, then lied about it. I paid it myself, then wrote the mortgage company a hot letter and demanded they terminate escrow and let me handle my own taxes and insurance. To my surprise, they did.
Posted on 8/8/23 at 7:45 pm to iknowmorethanyou
quote:Once this ordeal gets sorted out, that is my next inquiry to the mortgage company. I'd rather manage it myself to avoid this issue in the future
Are you required to escrow? I'm not and don't for this very reason.
Posted on 8/8/23 at 7:54 pm to TigerTatorTots
I didn’t escrow for this very reason. What a mess. Relying on a third party to make sure my largest assets is insured right about the time hurricane rolls around in this case.
Also, you probably funded the escrow a reserve amount (~3 mths worth) at origination. You will get a check in the mail for that amount when you cancel the escrow.
Also, you probably funded the escrow a reserve amount (~3 mths worth) at origination. You will get a check in the mail for that amount when you cancel the escrow.
Posted on 8/8/23 at 7:55 pm to TigerTatorTots
quote:
Once this ordeal gets sorted out, that is my next inquiry to the mortgage company. I'd rather manage it myself to avoid this issue in the future
This is what happened to me in my previous post, i was paying the insurance myself. I put off sending in the payment as I was shopping around and my bank got all kinds of pissy.
Posted on 8/8/23 at 11:16 pm to slackster
(no message)
This post was edited on 8/8/23 at 11:20 pm
Posted on 8/9/23 at 12:12 am to TigerTatorTots
You should do it for sure. I didn't realize you could, but when my buddy did my refi on my primary he talked me into it. I then refi'd my rental and did the same thing. Write 4 checks a year for the property tax on the two and insurance is ACH. I keep my money working for me. And I don't have a worry about your situation.
Posted on 8/9/23 at 7:13 am to TigerTatorTots
I thought it was a state law requiring a written cancellation notice for missed or late premium payments and that they have to give 30d for you to pay.
Posted on 8/9/23 at 8:18 am to Bard
Your insurance company wanted to drop you. Some indicators in this so far - uninsured collateral is a big deal for a mortgage company. Small chance they didn’t send the payment
- your mortgage company didn’t wire anything without talking to the insurance company to get wiring instructions
- HOI companies that want your business don’t drop you without notifying you first and giving you an opportunity to pay
- your mortgage company didn’t wire anything without talking to the insurance company to get wiring instructions
- HOI companies that want your business don’t drop you without notifying you first and giving you an opportunity to pay
Posted on 8/9/23 at 12:02 pm to Big Jim Slade
quote:Only for mid-term payments like an installment plan or mid-term coverage change. Renewal date payments aren't required to give any additional notice if the payment isn't received by the renewal date.
I thought it was a state law requiring a written cancellation notice for missed or late premium payments and that they have to give 30d for you to pay.
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