Karl
Highlands Ranch,#2Consumer Comment
Wed, February 23, 2011
than they are leading many of us to believe.
Did you know that Wells Fargo has $17 Billion in 'secret life insurance policies' on its employees? You can 'Google' this- BANK EXECUTIVES PROFITING ON THE DEATH OF EMPLOYEES, and read the article that says Wells Fargo and Bank of America each have $17 Billion in these policies. ($34 Billion between both of them!) Chase has $11 Billion. That's $45 Billion in 'secret life insurance policies' by those three banks alone!
Now stay at this site and type in 411913 and read Ripoff Report #411913. It appears that there are about $120 Billion in these policies that many of the big banks have on their employees.
Finally, 'Google' this- FRONTLINE: INSIDE THE MELTDOWN, and watch that documentary on the web. The Wells Fargo CEO was in a meeting with eight of the other CEO's from the big banks a few years ago. These banks received over $120 Billion in one day from the Treasury Secretary. That money was taxpayer's money. The people of the USA kept these banks in business, and look what they're doing to the American people.
You can cancel your accounts with Wells Fargo and open an account with a locally owned & operated credit union. You can also try to get your mortgage through a credit union too. It appears that the big banks are out to make profits any way they can, wouldn't you agree?
Good luck to you!
MovingForward
Wellington,#3Consumer Comment
Wed, February 23, 2011
This is becomming an increasing problem with the mortgage servicers like Wells Fargo/Chase etc.
If you look at your mortgage documents you agreed to keep your home/collateral continuously insured during the entire time of the mortgage. If you don't have the home/collateral insured, the mortgage servicer, in this case Wells Fargo, steps in with a policy that protects the collateral at your expense. Naturally the insurance is extremely expensive and only covers the lender, not you, in case of an insurable event happening to the property.
COMMENT: I do not work for any bank or mortgage company. IMO the servicers are using this clause to beef up their bottom line because there are numerous reports, both online and offline, where the property IS insured and the owner provides PROOF of insurance numerous times to the servicer and the servicer still obtains forced placed insurance at the owners expense. I would not be surprised if the servicers kept a percentage of the cost of this type of insurance. The servicers are getting away with it because they will not accept the proof of insurance without an attorney getting involved. There are many reports where proof of insurance has been provided via email, via fax and via snail mail CMRRR and the mortgage servicer denies getting the proof.
As to the original post, you agreed your insurance lapsed. You are responsible for maintaining insurance and providing proof of same to the mortgage servicer annually. Unfortunately this is an expensive mistake. Pay the money and keep an eye on your insurance AND on Wells Fargo, because they will do it again. Next time send them proof of payment before it lapses so if they try to nail you, you have the proof in hand. I would send it CMRRR or FedEx - something with a receipt. Good luck to you.