HomeQ Servicing Forced Place Insurance Ripoff Sacramento California

1. If there was a lapse of insurance on the property at any point in time in ownership it puts you, as the consumer, and homeq, as the lien holder, in high risk of complete loss if something were to happen to the home. You can't predict when a fire, or flood, or severe storm may occur and potentially cause severe damange to the home. Therefore it is required that you keep insurance on the home to protect you, as the consumer so that you arne't at a total loss if you lose your house. If your house is destroyed in a fire, per say, and there is no insurance, your stuck with no home, and still a mortgage payment. And you certainly don't want to pay for something you no longer have? Right?

So therefore if your insurnace lapses, as you will find in your loan documents clearly stated, then the lien holder holds the right to place insurance of their choice on the property to protect their interest and yours. It's simple, if you get your own insurance, then you only need to fax over the declaration page of the policy for proof, and that forced placed insurance will be removed. However the period of time in the lapse still has to be covered, so unless you cover that under your new policy, you will still end up owning a small portion of that on the escrow account.

2. Homeq would never charge you a BPO (Broker Priced Opinion) fee unless a broker had came out to the home, as they will anytime you go over 30 days past due. If a representative told you this then unfortunately they were mistaken. They can't legally charge a fee every time you call, unless your calling in to set up a check by phone.

3. I can assure you that the company suffers a lot of damage from foreclosure so they definitely don't "want" to foreclose on you. Foreclosure fees cost the company thousands and thousands of dollars in attorney fees, court cost, insurance costs, property taxes, and so forth. Basically after foreclosure they have to keep the house in a great condition to sell it, plus keep utilities on for potential buyers. Believe me, what company who's wanting to flourish would WANT to foreclose and lose not only all the income from the loan itself, but also have to pay those fees? I mean they definitely are at no profit by doing foreclosure, they would much rather keep you as a customer, but unfortunately when a company is servicing company, they don't own the mortgage loans and merely follow the contractual agreements to manage the payments and accounts. They can't do changes or modify loans without the owner of the loans authorization.