I refinanced my home in December with Quicken Loans. At that time, I provided proof of ongoing homeowners insurance and paid a lot of money into my escrow account for taxes and insurance, and they continued to add a fee each month to my principal and interest to cover future taxes and insurance.
Quicken subsequently sold my loan to Chase Mortgage, around January. At that time, unbeknownst to me, Quicken only transferred my escrow account, but did not provide the proof of homeowners insurance to Chase, that I had provided to Quicken in December.
As a result, I received a letter in May from Chase stating that I didn't have homeowners insurance, even though they were taking my money each month and putting it into my escrow account. I contacted my insurance (State Farm) who verified that of course I had insurance (since the inception of my original loan) but, however, they hadn't been paid yet by Chase for the next premium and my insurance was at risk of getting canceled.
In essence, Chase took my money, KEPT IT, didn't pay State Farm, and then I got a cancellation notice from State Farm. When I told State Farm that Chase has to pay them (since they collected the premiums from me IN ADVANCE) State Farm contacted Chase and ensured they finally received the premium.
Chase will not take responsibility for this and has charged me $589 for the period of time they claim I didn't have coverage (I have proof of coverage without any break in coverage). I ALWAYS had coverage, they just didn't take my escrow money and pay State Farm as they are required to under my contract!
I cannot afford a $589 fee they are now charging me for something that Quicken and Chase did wrong. They collected my money and didn't pay my bill and then bought insurance for me. They STOLE my money!
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