Have had a comprehensive homeowners insurance policy in effect since purchasing double-wide mobile home. Vanderbilt Mortgage obtained the installment contract from original lender (Approx Dec). I received a letter from Vanderbilt Mortgage dated 12 June saying my insurance policy expired on 11 June and I should provide evidence of insurance coverage by 27 June or they would obtain a minimum coverage policy and charge me for it. I mailed them a copy of my policy (Attn: Insurance Tracking) - showing renewal thru 11 June on 21 June.
On 10 July I received a letter dated 2 July telling me they had purchased a policy, at my expense, because I had not provided them with evidence of a policy; and that my monthly payments would be adjusted to include the cost of the policy they bought from "American Bankers".
I have made all payments before the due date, and renewed my comprehensive insurance policy well before expiration, since my purchase in 1998. Coverage on the insurance policy is well above their minimum required coverage, and always has been. I can only conclude they recieve a commission on insurance from "American Bankers", and are willing to rip-off their customers in any way possible to make a few extra bucks. They sicken me. I will be refinancing at the earliest possible opportunity.
0 comments