My condo association stopped obtaining flood insurance in Jan due to not being able to obtain enough coverage as a group. (the max as a group i could get is $50,000 in coverage for my home). I owe 52,000 on a home valued at 90,000. I obtained flood insurance in Jan from Farmers in the amount of 90,000 for my townhome and faxed the info to WaMU, as did my insurance agent. Then in March I receive a "final notice of flood Insurance requirement".
I again spoke to wamu insurance "specialists", faxed them 4 more times to 2 phone #s to be sure, and my insurance man faxed them again with proof.
In April they took payents 2-1/2 times my regular amount for forced place insurance in the amount of 250,000 coverage, also in May, and June.
By June my checking account was depleated, and the loan was given to collections. They never even acnowleged the 90,000 coverage until I sent them registered mail in July My loan papers say I must keep the home insured for the value of the loan (52K).
I talked to a lawyer today, and he said to pay on the note and sue WaMu to get it back. That will be aprox 4 thousand dollars I DO NOT OWE THEM. They should have to pay for all of my time money and stess. I also think their "specialists are recent H.S. Graduates or India residents answering phones. They farm out there insurance work to someone called SWBC, and they have not a clue... Could write lots more
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