We have gotten no one but 4 letters from WAMU saying that we don't have enough flood insurance... Our insurance person from State Farm says we have enough to cover the place twice over... But, it seems that WAMU doesn't see it that way... After they refinanced our loan over a year ago... Now suddenly they want to put their own on at a killer rate... When we asked about it. They claim that the property is worth more now than what the loan was... True. But, we contered with. Your loan is 1/3 of the value of what the insurance coverage is... So why do I have to get more insurance when your not intitled to what your loan is for...
Their answer comes in the form of a threating letter saying that first if we didn't get 350,00 worth of insurance. They would tack it on... To the loan... At their rate...
The insurance company says that the max is 250,000... So they changed their tune and now it has to be 250,000.. Even though the loan is only for a mere 70,000...
I replied with your loan only intitles you to your 70,000 so why do you think you can tell me to get 250,000... Their answer is well its for your own good... But, I respond with... I don't want it... I am happy with the flood insurance being 200,000... No matter they say... You have to... And hang up...
I feel the time has come to seek a attorney and maybe see just how much clout they bank really has... Because I don't think after a year of making payments... Going through escrow and getting approved... That suddenly they have the right to change the requirements... To suit their own needs... While saying its the law and for my own good...
I understand that Wells Fargo and BofA are also pulling the same stunt... According to the State Farm agent... Who recomends that I not go along with the program that WA MU dictates... He too has tried to call. But, they tell him he hasn't the right to discuss my loan with them... Ahhhh if my insurance agent who works in my behalf for me. Doesn't then where do they get off dictating how much value I want to insure my house with... I meet their requirement of value to loan... So where do they get off saying my house is worth more and thus I have to have more insurance than their loan is worth... Oh ya for my own good... (grin)
Its a ripoff... And all about money... From what I see...
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