Escrow for Homeowner's Insurance?

[asylum23]

What is the name of your state? NV

Our loan has been sold about 5 times in the year we've had it. The current co., America's Servicing Co who are known to be basically rip-off artists, sent us a letter stating they have no proof we have homeowner's insurance. Which is outrageous b/c the loan required homeowner's insurance and we've had it this whole time. Isn't the mortgage co. required to renew your homeowner's policy w/ your escrow money? Should the insurance co. be sending ASC a bill to renew? Thanks!

 

[HomeGuru]

What is the name of your state? NV

Our loan has been sold about 5 times in the year we've had it. The current co., America's Servicing Co who are known to be basically rip-off artists, sent us a letter stating they have no proof we have homeowner's insurance. Which is outrageous b/c the loan required homeowner's insurance and we've had it this whole time. Isn't the mortgage co. required to renew your homeowner's policy w/ your escrow money?

**A: no, not unless the mortgage docs state that or the lender must do a forced placement.
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Should the insurance co. be sending ASC a bill to renew? Thanks!

**A: you need to contact the insurance co. directly and find out.

 

[Samm1970]

They probably just need a copy of your insurance policy. Perhaps it wasn't included when the loan was sent over.