Lenders insurance is a product brought into play when homeowners fail to provide insurance on real property to which a mortgage is registered. On other occasions a policy is allowed to lapse or in the mortgage holder’s view, there is insufficient insurance to cover the asset in the event of a catastrophic loss. In such a situation, a mortgage holder has the authority to force-place insurance coverage in order to protect the mortgaged asset.The problem, as many homeowners and plaintiffs in Force-Placed Insurance lawsuits can attest, is that lender insurance is often more expensive, with less coverage than standard policies. In many cases, premiums have been found to be wildly inflated.
According to court documents, the defendants admitted that rates for lenders insurance would be higher than those of more traditional policies - but failed to tell homeowners those premiums would not only be up to ten times more expensive, but that the bank would profit from those admittedly inflated premiums.
READ MORE FORCE-PLACE INSURANCE LEGAL NEWS
The forced-placed insurance class-action settlement, approved through a 70-page decision penned by US Magistrate Judge Jonathon Goodman just days ago, provides compensation to some 400,000 class members who will share in the $140 million settlement. Goodman, in his decision, noted the fairness of the settlement.
“Unlike some consumer class settlements, this is not a low-dollar value or ‘coupon’ settlement,” he wrote. “In many instances, perhaps most, the claim settlement relief will be worth hundreds of dollars to the average Claimant.”
The Force-placed insurance lawsuit is Lee v. Ocwen Loan Servicing LLC et al., Case No. 0:14-cv-60649, in the US District Court for the Southern District of Florida.
READER COMMENTS
Dajuana Smith
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Y. Baker
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I also asked, about my settlement distribution and was told to contact the law firm(s) listed on my settlement document.
I'd like to know has anyone received a check, Yet???
I called today and was told that they were looking for the claims to be reviewed by the end of 2016. However, at this time no additional information is available but to call and check back periodically.
If my claim is approved, I will receive a check. We currently anticipate payments to be made by June 2017. It was April but we are waiting on the bank. I have been calling this number for the past 6 months on and off. 1-305-728-2907
I bet when I call again next month it will be pushed back further this year. This is a BUNCH OF BULL CRAP!!!! WTF?
JC
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Danny J Hidalgo
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mark stankus
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L
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There was a previous post on this site in August (se Millia Martinez) that state she had been emailing with a them. Wish she would have provided the email address so we could all flood them with requests for an update.
CT
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T
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Milla Martinez
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"We expect the majority of claims to be reviewed within 180 days of the May 2, 2016 claim form deadline. At this time, your claim is in review. While no additional information is available at this time, feel free to check back with us periodically. If your claim is approved, we will mail you a check. We currently anticipate payments to be made in late 2016."
Tee
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BSjr.
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Lisa
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Donnie
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You can go to the state directort where the law firm is located and file a Consumer Protection complaint with the Attorney General Office as well! Rwmember the more complaints the more fire will be put under their feet!
TC
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Tracy
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Perhaps another SCAM OCWEN!!!!
Tracy
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Lets keep up the posts on here if anyone does receive a check.
TC
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kathy
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Is there anyone else involved in the misdated letters lawsuit as well, and if so, any status on that?
DH
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The Case listed above is in Appeals ~
Not to be completed until early 2017.
Admin
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If you have questions about settlement distributions, you need to contact the law firm(s) listed on the settlement documents.
DH
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Please.
Jan
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DH
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DH
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Erica
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alfonso creswell
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Donnelda Thompson
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jacqueline triplett
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B J
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mae
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james edwards
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