There are many things that can cause a foreclosure and your bank issued insurance may lead you to foreclosure if you aren’t careful. It is normal to use your bank to obtain your mortgage and insurance policies. Many banks even include package deals for homeowners. These packages have recently been discovered as one element that is sending more homeowners into forced foreclosure. A quick review of your insurance policy could reveal that this tactic is happening to you and causing your financial shortfall. When you know the facts, you can prepare yourself to stop foreclosure from taking you down.
Bank Issued Insurance May Lead You to Foreclosure
A homeowner’s insurance policy is one of the things that protects your home from sudden damage. Standard insurance agencies often give discounts to lenders to include a policy in your mortgage agreement. Without checking the rates yourself, you might never know that the cost of the premiums can be as high as 55 percent more compared to a private insurer’s rates. The added expense could push fragile homeowners into an accelerated foreclosure. This goes for working class families, unemployed homeowners and the elderly.
Additional inclusions in policies that are not needed can quickly add up. Taking a closer look at your policy could reveal things like hurricane insurance, wind insurance and contingency insurance for other natural disasters that might not apply to your geographical location. Someone living in Colorado would likely not need hurricane insurance or heavy wind insurance. If you are wondering why your financial situation is a struggle, cutting out some of the things that you have been overpaying for can help.
No Regulations at the Federal Level on Insurance
Banks have legal advisors that know the law. There are no current federal regulations placed on homeowner’s insurance policies and states are often blind to the tactics that are used. By accepting a pre-made insurance package, what you are paying for could be several times higher than it should be. These forced packages are being discovered by regulators and legislation to change these tactics is in the works. This will, however, not help you if you are facing foreclosure right now. You have little time to make a decision and time is definitely something you need to have on your side to succeed.
“Bank Issued Insurance May Lead You to Foreclosure”
You can choose to do something about your foreclosure or do nothing and let your bank take your home away from you. Avoid Foreclosure specialists are available right now at 1-800-589-4106. It’s not you against your bank or lender. We are ready to fight hard in your corner. We know the sleazy tactics that are used to your disadvantage and we are here to help you find the solution to avoid foreclosure now. It’s free to call our experts. We are ready to help you through your personal financial struggles and get your life back to normalcy again. Let us explain to you in detail how your bank issued insurance may lead you to foreclosure.