(LegalLaw247.com, January 21, 2012 ) New York, NY Class Action.org is investigating claims that certain banks and mortgage companies have been force placing excessive or unnecessary flood insurance policies on their borrowers. Allegedly, some financial institutions have been forcing or coercing borrowers into purchasing more flood insurance than what is necessary for their property. Furthermore, it has been alleged that certain banks are receiving kickbacks for these purchases, the premiums of which are expensed to the borrower. If you have been forced or coerced into paying for excessive forced placed flood coverage, you may have legal recourse to seek compensation for the high costs associated with these policies. To find out if you are eligible, visit http://www.classaction.org/forced-placed-flood-insurance.html for a free evaluation of your claim.
Several mortgage companies have already been named in excessive forced placed flood insurance lawsuits. Potentially, borrowers may be able to file a claim against their lender if they were forced or coerced into any of the following: buying more flood insurance than what is required by law; purchasing more coverage than what was outlined by their mortgage agreements; paying for a force placed flood insurance policy after acceptable coverage was refused; or purchasing a second flood insurance policy even though they were covered through a condo association or otherwise. The cost of the excessive forced placed flood insurance policies are either deducted from the home equity account or added to the borrowers monthly mortgage payments, according to several flood insurance lawsuits. As a result, consumers had no choice but to pay the high costs of this coverage.
Consumers who had a second, unnecessary or otherwise excessive flood insurance policy forced placed on their property may have legal recourse. Potentially, these individuals may be able to participate in a forced placed flood insurance lawsuit seeking compensation for the high premiums paid out for this coverage. To find out if you qualify for a forced placed flood insurance lawsuit, visit Class Action.org today for a free case evaluation.
About Class Action.org
Class Action.org is dedicated to protecting consumers and investors in class actions and complex litigation throughout the United States. Class Action.org keeps consumers informed about product alerts, recalls, and emerging litigation and helps them take action against the manufacturers of defective products, drugs, and medical devices. Information about consumer fraud issues and environmental hazards is also available on the site. Visit http://www.classaction.org today for a no cost, no obligation case evaluation and information about your consumer rights.
ClassAction.org
Tara Nagel
800-449-1970
pressrelease@lawyercentral.com
Source: EmailWire.Com
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