In this tough economic times Bank of America is bulling homeowners into purchasing flood insurance in excess of their unpaid principal balance.in my case they went as far as to block the unused balance of my equity line. Even though I have had and outstanding record of payment for the last 4 years. My original equity line is for $60,00. Unpaid principal balance of $34, xxx. 00. I have always kept a flood insurance policy valued at the original amount of the loan. However, BOFA is now requesting that I increase the flood insurance to $250,000.00.
This is excessive and unfair practice aimed at either making homeowners paid off their loan or lose their home to foreclosure.
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