FORCED PLACE INSURANCE AND WELLS FARGO

If you have a mortgage through Wells Fargo and have paid “forced place insurance” in the past, you may have been over-billed. Forced place insurance is home insurance that is paid for by the mortgage company after you have failed to pay home insurance in accordance with your obligation to do so as created by your mortgage agreement. If you don’t pay your home insurance on time, there is a grace period during which the home can be insured before the policy lapses. The mortgage company will not let a home they could acquire through foreclosure, go uninsured. Before the insurance can be cancelled, the mortgage company forces you to accept the insurance company and policy that they choose, and your monthly mortgage payments increase by the extra amount you pay for forced place insurance – which in virtually all circumstances costs much more than the home insurance coverage you can acquire on the open market.

A law firm is considering a class action lawsuit to collect money for Wells Fargo mortgage holders who have paid excessive prices for forced place insurance. In a class action lawsuit you simply tell the attorney that you want to be included, and wait for a settlement, should he win. If you are not included in the lawsuit, you can still sue Wells Fargo, but you will have to find your own attorney. To find out more about this lawsuit, contact info@ktmc.com, or call 888-299-7706.

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