My Loan Was Sold ---Can New Lender Change Terms? - flood insurance requirements
Never heard of this ......
and remember to sell all the signed documents personally and for my clients to disclosure by lenders for loans that they sell as many loans and that the conditions do not change ..... yet
My lender sell my loan and services were held for atleast 3 years. I have the loan was requested by the floods did not ...... and my new creditor sent me a letter, which is now required to obtain insurance against flooding on the rental property ....
Compulsory insurance against flooding will be a "concept" or the technical disclosure of the contract is not amended to restrict the definition of "conditions" at a speed of only the payment and the loan period?
Thank you for your help ............
Tuesday, January 5, 2010
Flood Insurance Requirements My Loan Was Sold ---Can New Lender Change Terms?
3 comments:
No special conditions of your loan can not change what happened in the original documents registered at the end. They are an insurance against flooding, because FEMA has changed the flood maps, as it closed on your loan. When the flood hazard maps have changed the financial institution, which may require you to provide insurance against floods. If you are not reporting on their own to the lender and an invoice for the premium .... I can assure you that when the orders of the lender, the premium is at least double what you would pay if I owe you. The lender does not buy the lowest price.
It can not be the conditions of the loan. Read the documents you signed, the insurance against floods is a term of the contract, but the first lender is not applicable. If this is not mentioned in the loan terms, write a letter back to your creditor and tell them they're asking for something they are not obligated to do so.
The loans were sold all the time. This has been a few times with me. Payments and fees can not change. Not sure about insurance with one. You can ask a council estate.
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