Flood Insurance Lawsuits: Lenders Forced Placed Excessive, Unnecessary Coverage

(EMAILWIRE.COM, April 25, 2012 ) New York, NY – Several mortgage lenders have been hit with flood insurance lawsuits claiming that they purchased excessive and unnecessary coverage on behalf of their borrowers, who had no choice but to pay for the high costs of these policies. It has been alleged that these lenders are receiving kickbacks from the insurance companies for purchasing these forced placed policies, some of which were imposed upon borrowers who already had adequate coverage. If you suspect you are paying for excessive or unnecessary flood coverage, you may be able to participate in a forced placed flood insurance lawsuit against your lender. Visit http://www.classaction.org/forced-placed-flood-insurance.html to find out if you can seek compensation for the costly premiums paid out for this coverage.

A number of big name banks have already been hit with forced placed flood insurance lawsuits alleging that they engaged in unfair and deceptive business practices. Potentially, borrowers of these and other lenders may be able to participate in a flood insurance lawsuit if they were forced or coerced into maintaining more coverage than what is required under the terms of their mortgage agreements or paying for forced placed flood insurance after acceptable coverage was refused. In addition, legal recourse may be available to property owners who were forced to pay for flood insurance coverage in excess of what is required by law or for a second flood insurance policy even though they were covered through a condo association or otherwise. According to pending flood insurance lawsuits, the costs of these forced placed flood policies are being added to the borrower’s monthly mortgage payments or deducted from their home equity account.

In light of the allegations posed by the flood insurance lawsuits, the attorneys working with Class Action.org would like to hear complaints from borrowers who had any type of insurance policy forced placed on them by their lender. They are currently providing a free case review through the website to help mortgage holders determine if they have legal recourse against their lender for a forced placed insurance policy. This consultation is being offered at no cost and with no obligation. To learn more, please visit ClassAction.org today.

About Class Action.org

Class Action.org is dedicated to protecting consumers and investors in class actions and complex litigation throughout the United States. Class Action.org keeps consumers informed about product alerts, recalls, and emerging litigation and helps them take action against the manufacturers of defective products, drugs, and medical devices. Information about consumer fraud issues and environmental hazards is also available on the site. Visit http://www.classaction.org today for a no cost, no obligation case evaluation and information about your consumer rights.

ClassAction.org
Hannah Armstrong
800-449-1970
pressrelease@lawyercentral.com