Q: I believe they have been ripping me off and they changed my home owner insurance with out my knowledge
They changed my home owner insurance no one let me know. They also let my police lapse every year for 2 months. They paid my taxes late every year but up my payment to pay for the late fees. Now i am under insured and my home burnt up. I paid more than my payment and always said the payment and the plus money go to principle it was never applied.
A: If you read the closing documents VERY CAREFULLY, you will see that the mortgager put a clause in your papers explaining that your loan is part of a bundle of negotiable instruments in the financial market. Your "loan" is part of commerce. Buyers of "loans" buy your loan and tens of thousands of other "home loans." The buyers and sellers of these "bundle of loans," negotiate the price of these "bundles of loans." Sometimes the buyers get "lucky" and the loans they buy are being paid in full, every month, just like clockwork and make them a LOT of money. But sometimes, the buyer pays too much and one or two of the loans in the "bundle" are "messed up!" "Messed up," because the owner of the loan didn't keep the property insurance on the property "paid up to date," or one or two of the loans "had problems."
Your loan is a "problem loan." Just think about what problems your ONE LOAN is going to cause the parties to this sale. You NEED A LAWYER, BAD! YOUR LAWYER will find out whether it was the "buyer" or the "seller" of "your paper" who "dropped the ball?" Every buyer of so-called "secondary paper" in the U.S., knows that homes sometimes burn down, sometimes get flooded, sometimes roofs collapse due to snow etc.
YOU need to file suit against the CURRENT HOLDER of your paper, the one who always paid your home owner's insurance late, who even let your policy lapse, and was just NOT PAYING ATTENTION. The previous holder of your loan, will try to claim that they transferred liability on the loan to the new buyer, BEFORE the fire, thereby making it the new holder's financial responsibility to pay for the rebuild of your home. YOU CAN NOT DO THIS BY YOURSELF. Good luck to you!
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