Allegedly abusive mortgage insurance deals lead to class action settlement
By Kenneth R. Harney
Anyone who has taken out a home mortgage knows that one of the borrower’s key responsibilities is to pay hazard insurance premiums on the property and not let the policy lapse.
But are you aware that if you fail to keep the insurance current, or if the premiums aren’t paid from your escrow account, the lender or its mortgage servicer can obtain its own coverage, which may cost you more than the policy you originally chose?
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