Don't Rely on Force Placed Insurance from your Bank

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4χλμ.

Forced Placed Insurance Only Protects the Lender


Read the full article at https://www.linkedin.com/pulse/reason-right-property-owner-rely-forced-placed-barry-zalma-esq-cfe and at https://zalma.com/blog plus more than 3500 posts.


Mortgage lenders include within the terms and conditions of the deed of trust allows the lender to unilaterally select insurance to protect its interest in case the property owner fails to purchase insurance naming the lender as a named mortgagee. If the owner fails the lender can buy insurance for its sole protection and bill the borrower for the premium.


In Mark R. Bautzer, as Trustee v. Select Portfolio Servicing, Inc., et al., E072733, Court Of Appeal (December 24, 2020) Mark R. Bautzer, sued the mortgage servicing company (Select Portfolio Servicing, Inc.) and the provider of fire insurance (Assurant, Inc.). 


ZALMA OPINION


When a person acquires property with a mortgage he is required to insure to protect the owner’s interest and the interest of the lender. When the lender has the option to protect its interest with forced placed insurance it only protects the interest of the lender. Bautzer made a major error and allowed an asset valued at more than a million dollars to be destroyed without any insurance protection for Bautzer or the estate.

 

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