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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55003
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I have an escrow account with my Wells Fargo Mortgage.They

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I have an escrow account with my Wells Fargo Mortgage.They continually pay my house insurance and property taxes late. I have received notice from them this week that I did not have insurance all last year because they received the check back with a notice of cancellation due to non payment for all last year and are now trying to bill me $1541.00 for the backup insurance they had to protect their interest. Can you help?

Good afternoon. This is so typical of a bank. They think because they have all the money, they can simply shove this stuff down your throat even when it's them that has made the mistake. And, most of the time, they do because people pretty much fold their tent and just take it. But, you should not! You should write the lender a certified, return receipt requested letter detailing that this issue resulted from their negligence and demand this escrow account withdraw their claim within a short specified period of time or you will have no choice but to file a claim against them. Be sure to mention you intend to file this claim as a deceptive trade practice claim, which will entitle you not only to the account, but an additional 3 times the account as punitive damages. This typically causes the bank to fold, because the bank is just like a big bully....i) they beat up on people because most people let them, and ii) they back down quickly when someone actually calls their hand......the bank knows that when you take this to a judge, the game is over for two reasons...1) the judge will enforce the law rather than allowing the bank to simply make it up to suit their own needs; and 2) if you select a jury, the bank knows it's like the "Revenge of the Nerds" where everyone on the jury that has ever been screwed by a bank or other bully gets to exact their revenge....though they shouldn't, each juror brings their own lifetime biases to that jury room!

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

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