patrick.net

You know if you don't like the possibility of getting hit with forced placed insurance, then keep your house insured or pay cash for housing.

That would be great except that some of these policies are put in place by mistake -- mistakes which very much benefit the lender.

I had a lender who wanted updated insurance information. The information was sent and I asked for documentation showing that the matter had been resolved. They refused to send anything. That's not a good way to do business.

And zealous regulators....

OurBroker says

That would be great except that some of these policies are put in place by mistake

One of the reasons why forced placed insurance is so expensive is because it can be retroactively cancelled.

OurBroker says

I had a lender who wanted updated insurance information. The information was sent and I asked for documentation showing that the matter had been resolved. They refused to send anything. That's not a good way to do business.

Perhaps you should be more selective with whom you do banking with.

zzyzzx says

OurBroker says

I had a lender who wanted updated insurance information. The information was sent and I asked for documentation showing that the matter had been resolved. They refused to send anything. That's not a good way to do business.

Perhaps you should be more selective with whom you do banking with.

If you've ever had a mortgage, you'll know that debt can be sold. I've been an owner for three months and my loan was already sold, to a bank I don't care for.

APOCALYPSEFUCK is Comptroller says

Regulators do nothing but destroy innovation and chase the most brilliant minds from the industry, forcing them to do business overseas where innovation and genius is revered.

Sure. Look at Syria.

Quigley says

If you've ever had a mortgage, you'll know that debt can be sold. I've been an owner for three months and my loan was already sold, to a bank I don't care for.

Of course I know that they can be sold, but your odds of having it sold probably do vary from one bank to another. That and if you don't like that possibility, then pay cash for housing. That or try a credit union (I have no idea how often they sell loans though).