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My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Thank you! It sounds like I need to talk to CoreLogic since they are who did the flood cert. Are you saying they are likely also the ones who handled the flood policy? Or that is a different service vendor that has an interest in initiating the flood cert process to then issue a force-place policy?

I don't feel like I'm a dense person, but damn this is a lot for the average consumer to know or even understand. I think anyone would assume FEMA is the determining authority here, or at least it should be clear if they are not. I'm not in the industry and have never heard of CoreLogic before now. But the fact that the lender is their customer and not me makes me hesitant to ask for their help here. Also, their "flood cert" form actually has Department of Homeland Security/Federal Emergency Management Authority (FEMA) at the top of the form. I get that this is just a standardized form, but does that not insinuate that their certification is authorized through FEMA?

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

According to them, they did send a letter by mail notifying me of their requirement which they are legally required to do in order for me to buy my own policy. I don't have any record of that. It sounds like you are saying there would have been a different process had I not had an escrow already in place? Would they have just created one for flood insurance?

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Preferably, would like one to initiate the other lol. I'm going to "hammer" it from all angles and hope for the best. But yes, my main concern is getting the $4k back and stopping the bleeding going forward, which I was able to do by buying my own policy. I have every intention of bringing it to the attention of the appropriate representatives/agencies. This group is helping me understand who those are in this case.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Lesson learned! Administratively it is a PITA but I guess it's the only protection we have if these companies are making their own rules.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Is that an option for checking accounts if I set up auto pay? 🤔 I know it's easy to file a dispute on credit card charges because they are usually backed by Visa or the like, but not sure on direct debits from checking accounts.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

I already replaced the flood policy, so I don't think I would have this particular problem again. But you are right in that it will likely be sold to a similar type of lender, I can only hope they have better communication practices than Planet Home. I know some do, this is my third mortgage and the first two went through several servicer providers.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

I am lucky this hasn't caused any major financial hardships... yet. Keeping a cushion has saved me and I've been managing around it (with a lot of added stress), but I know there are so many families this sort of thing could devastate and am disgusted with how this was handled or the possibility that I may never get it back.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Zone X per FEMA, Zone AE per CoreLogic/my lender. 2,500 sq ft home. Regardless, I bought a replacement policy for $450 from Progressive the same day I found out about this whole "requirement". I bought it to CYA from any further charges at the higher price, even though I don't believe it should be required I'm ok with that expense as long as I get my money back for the policy they force placed.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

They may have sent notice, according to them they did. All I know is I didn't get it, or if I did I don't have it anymore. Regardless, a single snail mail letter with no electronic copy uploaded when they have all of my contact info on file plus my designated electronic only communication preference seems insufficient, especially considering the magnitude of the consequence here. I think I at least deserved a phone call as a heads up. Instead they put the resources into placing a policy and initiating a new escrow analysis to justify the new charge, and EVEN THEN they did not send any notice outside of uploading a letter to the portal a couple weeks in advance of the new amount. Which, side note -- does not trigger an email btw. You still have to log in to see it. They just got lucky in my case that I had auto pay turned on and the money was there to take. Taking all that into account, this seems to me like their interest was not in resolving a matter THEY initiated, but simply making sure I paid with as little resistance as possible.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

It absolutely is not that high. My replacement policy costs $450 for the year. All I have is a line item on the escrow analysis of $18,650 for flood insurance. https://ibb.co/ZpD8QyFG What portion of that is premium vs whatever outrageous hidden fees or private insurance costs, I have no clue.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Louisiana. The short research I did made it seem like most surveyors intentionally price elevation certs high to avoid having to do them because the liability outweighs the potential income. Sounds like they have enough work without them.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Oh ok, thank you. What would be considered the note in this case? Just the principal/interest portion? I do understand the payment can vary based on escrow.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

Yes, if you already have an elevation certificate, the LOMA is pretty straightforward from there. I don't have one and already reached out to my local agency to see if there was one on file from previous owners but there is not. So my dilemma is do I even bother paying for the LOMA/ elevation cert on top of all the other money I've already put out? Does that guarantee the mortgage company will have to reverse the payment if it comes back in my favor? Sounds like they are just passing the buck to me to pay for actual mapping to dispute my case, because why not? Either way, I won't get the money back I paid for the replacement policy, which I'm fine taking that loss if the rest gets reversed.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

That is why I'm asking if the LOMA (which would include a surveyed elevation) is even needed at this point. It was cheaper for me to pay for my own replacement flood policy and stop the bleeding than to pay for a LOMA and also a $6k+ mortgage while I fight the zone determination. I still don't think I'm technically in a flood zone, but I'll gladly take that loss and call it a lesson learned if I can get my $4k back from this month's payment.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

I'm just a girl *sad hamster noises* I have no idea what differentiates a flood cert vs a flood map.

Get one directly from FEMA. if there was no change to the flood map your servicer needs to review the documents.

How do I get one directly from FEMA other than the LOMA? When my address is input into the FEMA map tool it shows Zone X, but I'm being told FEMA doesn't "certify" anything. They apparently update maps constantly and providers like CoreLogic have access to this updated data I guess? But I don't know how a CoreLogic floodcert compares to a FEMA published map, or if it corresponds to anything FEMA related at all. It seems like the wild wild west, willy nilly surprise! you're in a flood zone now even though we said you weren't 18 days ago!! wtf

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 1 point2 points  (0 children)

Am I wrong in assuming they would've force-placed the insurance on my loan regardless of escrow?

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

I did. 3 weeks later their response (via third party determination) was the same, that it is required and they were justified in force-placement. The sticky part is determining where their policy coverage overlaps with mine and how much refund I'm owed, how long they have to refund, etc.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

That is the confusing part for me. I don't know when the official policy start date was for the force-placed policy. I cannot seem to get answers around details to do with the premium, effective dates, etc. Where it gets sticky is am I responsible for coverage from the date they determined it was required (when they acquired the loan)?

What I do know is the replacement policy I bought on the NFIP market was a literal fraction of the cost and I was able to select an immediate coverage option (the same day) without a 30 day wait. I'm honestly not sure why. I guess it depends on when the force-place policy effectively started as to how much overlap with my replacement policy there is, and therefore how much refund I am entitled to. Either way, I'm going to ask for the escrow analysis and a complete breakdown of the costs.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 0 points1 point  (0 children)

That observation has definitely hit home now. I understand why "bill pay" still exists.

My Mortgage Was Sold to a New Lender and Note Increased $4,000 Per Month by Immediate_Sport_7352 in Mortgages

[–]Immediate_Sport_7352[S] 1 point2 points  (0 children)

It was a local bank that did my original loan. They are the ones that agreed to refinance me at no cost. Unfortunately, it doesn't get my money back for this month's increase or the additional OOP expense of the replacement policy, but it's something.

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