Flood Insurance
How do you get the mortgage company off you case about flood insurance?
Any tips out there? I heard alot of people say that its just BS. So far all they told me is that if i want to get it off is to contact FEMA. Anybody else out there have this or had this problem?
Are you buying, selling, or refi'ing?
What "mortgage company" is it that you are dealing with? The current one or the proposed one?
Who told you that you need it?
Just FYI:
The "flood plane or zones" come from the 100 Year Flood surveys done by the Gov't. A home is either in or out of those boundaries outlined in those surveys. Sometimes it's just a little piece of the property, sometimes (although rarely) it's the whole thing.
Since those zones are not updated very often, it is possible to argue that your property no longer lies in that zone by getting (and paying yourself) a topographical survey done. It is not cheap by any means, but if you have to have flood insurance you also know that's not cheap either.
Ultimately it is up to the mortgage holder as to what they feel comfortable with. Some will change their minds while others won't. Every mortgage requires a flood certification to be done PRIOR to final approval for this reason. That cert. comes from the insurance companies study of those 100 yr. flood maps.
my mortgage got sold to Wells Fargo. So would should I get a land surveyor to come out and look at it. This whole flood zone map is crazy. Ill do some research on that Topographical servey. Thanks.
Did you have flood insurance before the loan was sold?
nope they were trying to get me to get it but then in the next week they sold my loan.
Something's not right here.Originally Posted by SLiP-N-SLiDe
Explain a little bit.
Your mortgage was approved and closed, right? For how long?
Then it was sold to Wells, who then demanded flood insurance?
If so, that's not the customary chain of events.
We do flood certs BEFORE we ever fully approve a loan in the FIRST place. That flood cert will say if it is or isn't in a flood zone. If you weren't asked for flood insurance in the beginning, they'd darn sure would be showing me a WHOLE lot of justifications why and why not.
100 yr flood planes are public record. You can check it out yourself. You can also call the original mortgage originator (the ones you put an application in with and helped you get approved) and ask them to check how their flood cert came back when they originally requested it. If they have records showing that the house is NOT in a flood plane and that's how they closed it, those records should be plenty to show your NEW Mtg. company that there is no need for flood insurance.
BTW, I'd get on doing this like yesterday. Wells will and can forcebly put that uber expensive flood insurance onto your mortgage. Then they're in no hurry to take it off or find a real resolution. You'll be left holding the bag and paying a crazy amt of money every month. Move on this quick.
Call your old Loan Officer and have him/her backtrack to find out HOW they got it closed w/o flood insurance in the beginning.
the house was purchased three years ago and the mortgage company was Taylor,Bean&Whitacker. they kept us for a month and then sold us to Washington Mutual. had them up until December 06 and got transfered to Wells Fargo. It started with Washinton Mutual around October 06 and I finally got them stating that they were going to send me a copy of the Certificate of insurance and instead of receiving the certificate. I got a letter saying that starting December 06 our new mortage company will be Wells Fargo. So I thought to myself that I wouldn't need to get it anymore but nope. I soon got a letter from Wells saying that I need to purchase Flood insurance because of my previous loan agreement with Washington Mutual. I think I'm going to have to find my original loan officer. Are you in the Mortage business??
If that's how it went down, something is wrong. Someone somewhere dropped the ball. Like I said, all mortgages go thru a flood cert BEFORE final approval. So it went thru Taylor Bean, WaMu, and now suddenly Wells "finds" that you need flood insurance??? Three years later???? Doesn't work that way.
I'd be calling both my original LO with Taylor Bean and also doing some research on my own. As I said, the 100 yr flood planes are public record so you can go get your own copy at the courthouse.
Like I said, it is something you need to jump on with the quickness. Large Mtg co's like Wells can be rather full of red tape. Once they stick that flood insurance onto your loan, it will be real difficult to get them to take it off.
And yes I am in the Mtg. Business. If you need any assistance, feel free to call me.
Pm me a number where i can reach you at. And thanks for all the info. one question on my mind. if i refinance with another company. would the flood insurance follow??
If you currently have to have it, then yes it would follow.
You're welcomed to call me @ 404-925-1558.
Posting Permissions
Reply With Quote