Ocwen FSB, Ocwen Loan Servicing LLC And Affiliates
Violate terms of mortgage contract with forced placed insurance
- 07-13-2009
- 41
Ocwen Loan services has placed forced placed insurance in violation of the terms of the mortgage contract.
They state that mortgage insurance must be carried by all individuals with loans. My mortgage states that it may (May) be required to (protect the interest in the property of the lender) Ocwen did not determine if if meets this requirement and blindly places insurance on the property. I have demanded that they remove the insurance and all the charges for the insurance and they refuse to do so.
They are placing $200,000 of insurance on my property to cover fire. Their interest is $64,000. I state they would not be allowed to place insurance on the amount that is in excess of their loan amount and that is not payable by me. Furthermore, I have provided them with a real estate land appraisal on my 48 acres showing that the land without structure is worth from $1300 to $2100 per acre. This shows that the lender does not even have an interest in providing insurance on the property as they are already protected by the absolute value of the land alone. This shows a land alone value of over $100,000, far in excess of the loan ammount.
It is my intent to charge copyright fees to any insurance company who comes out to take pictures of my property. For each picture copy or fax of such at a rate in excess of $1000 ea. I will also consider Filing a lawsuit against any insurance company who knowingly attempts to insure the property when they learn that ocwen is illegally trying to punish borrowers into submission.
Furthermore I believe that the improper activities of Ocwen Loan servicing are criminal and i am looking for another loan service provider to take my payments and forward them to the proper lender... I cannot see paying a crooked loan service provide and i will demand thet they be removed as an escrow agent by my lender. If i can ever get their information.
Company: Ocwen FSB, Ocwen Loan Servicing LLC And Affiliates
Country: USA
State: Ohio
City: Springfield
Address: PO Box 6723
Phone: 8668259265