Don't Rely on Force Placed Insurance from your Bank

0
4KB

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.

 

Gesponsert

We are 100% funded for October.

Thanks to everyone who helped out. đŸ„°

Xephula monthly operating expenses for 2024 - Server: $143/month - Backup Software: $6/month - Object Storage: $6/month - SMTP Service: $10/month - Stripe Processing Fees: ~$10/month - Total: $175/month

Xephula Funding Meter

Please Donate Here

Search
Nach Verein filtern
Read More
Other
Bad Faith Allowed for not Deciding a Subrogating Insurer would Accept a Settlement Never Made
Insurer May Be Punished Even If It Defends And Settles Suit Within Policy Limits Based on the...
Von Barry Zalma 2021-04-12 12:27:45 0 4KB
Other
Go Directly to Jail, Do Not Pass Go
Chutzpah: Convicted of Insurance Fraud Appeals to Avoid Going to Jail Read the full article at...
Von Barry Zalma 2022-02-08 13:50:02 0 3KB
Science
Mysterious Deaths Of Covid-19 Researchers & Arrests Of Journalists Covering The Pandemic Are More Ominous Warnings Something Incredibly Sinister Is Going On
Mysterious Deaths Of Covid-19 Researchers & Arrests Of Journalists Covering The Pandemic Are...
Von KIRK TRIMBLE 2020-05-21 23:50:18 0 7KB
Politics
Top 15 Deadliest Ingredients Ever Found In Vaccines - Number One Will Blow You Away
Back to the start #14 Formaldehyde [formalin] Known to cause CANCER in humans. Probable...
Von Wym Creator 2021-09-08 21:32:03 0 5KB