No. of Recommendations: 0
Wells Fargo bought out my mortgage March - May 2006. My home insurance policy payment is due in March each year. This year, Wells Fargo did not receive notice that my insurance policy was paid, so they purchased a policy for me. The charge for this policy is $1,824 as it appears on my June statement as a charge against my escrow account. My own policy is only $700 and I have full replacement coverage. I also don't have an escrow account with the mortgage company since I pay the insurance and taxes myself.

Now what do I do?
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No. of Recommendations: 9
Wells Fargo bought out my mortgage March - May 2006. My home insurance policy payment is due in March each year. This year, Wells Fargo did not receive notice that my insurance policy was paid, so they purchased a policy for me. The charge for this policy is $1,824 as it appears on my June statement as a charge against my escrow account. My own policy is only $700 and I have full replacement coverage. I also don't have an escrow account with the mortgage company since I pay the insurance and taxes myself.

Now what do I do?


Call Wells Fargo and ask them what proof they need that the insurance is and has been in place since your renewal date. If they have attempted to increase your payment, dispute the increase - if you have to, ask for a supervisor.

Then call your insurance agent/company and have them submit the proof to Wells Fargo.

AJ
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No. of Recommendations: 1
This happened to me once, about a decade ago, with First Union. When I sent them a copy of the declarations page showing that insurance had been in effect all along, they removed the charge.
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No. of Recommendations: 1
Contact your insurance agent and have him send proof of insurance to your mortgage company. They won't accept it directly from you. Then contact your mortgage company and have the policy removed and the fee reversed.

My husband's mortgage company almost every year claimed that they didn't receive proof of insurance. Everytime we had to contact his insurance agent who would resend the proof of insurance and the fee would be reversed. There doesn't seem to be any insentive for mortgage companies to get it right the first time.

Debra
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