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Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41221
Experience:  JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
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We are trying to get a reinstatement of our Bank of America

Customer Question

We are trying to get a reinstatement of our Bank of America mortgage that is currently in foreclosure. When we received the reinstatement figure, there were TWO $10,000 policies included, as well as a $1,300 policy. Reading about all of the currently leaked forced-place insurance policy fraud between Bank of America/Balboa, is there a way to get this reduced or wiped out?
Submitted: 6 years ago.
Category: Real Estate Law
Expert:  Dimitry Esquire replied 6 years ago.
Thank you for your question.

Have you had an attorney review the documentation pertaining to where these policies came from, and why there are two of them on this loan?
Customer: replied 6 years ago.
No, we really don't have the money for an attorney. We have just started the reinstatement process and wanted to save our funds for the reinstatement.
Expert:  Dimitry Esquire replied 6 years ago.
Thank you for your follow-up.

Hmm, that makes it tougher on you and your situation. Since you are possibly looking at $23,000 in additional funds that you are being forced to pay back, it may be wiser to contact a local attorney pay for a consultation, and have the attorney review the forms and provide you with a valid approach. From what I see, it appears that the policies that you are being charged for were mistakenly attached to the loan, unless of course you have both a primary and a HELOC on the property (then both would have their own policy) and therefore there is a legitimate ability to remove them simply by pointing out that they were not supposed to have been attached to the loan. However this is guesswork as without review, that is hard to know if that is indeed what took place. Then, knowing if that was a mistake, you can use that have it get wiped out or reduced by showing that it is in violation of your promissory note terms.

Good luck.
Customer: replied 6 years ago.

Yes, there is a primary mortgage and a HELOC, however, the annual insurance policy on our home has never been over $1,300 so why would any $10,000 policy ever be justified? Do you, yourself, do these reviews?

Expert:  Dimitry Esquire replied 6 years ago.
Thank you for your follow-up.

If there are two separate loans on the property, that may explain the two separate policies. While I do these reviews, I am unable to provide such a service to you as that would be against site rules--we are here to answer questions and we cannot solicit or be solicited for representation outside the site. To find an attorney who can assist you, consider browsing the listings at www.avvo.com and www.martindale.com. There you can search by fees, location, experience, and expertise.

Good luck.
Customer: replied 6 years ago.
But isn't a $10,000 policy absurd on a $400,000 house?
Customer: replied 6 years ago.
<p>We are trying to get a reinstatement of our Bank of America mortgage that is currently in foreclosure. When we received the reinstatement figure, there were TWO $10,000 policies included, as well as a $1,300 policy. Reading about all of the currently leaked forced-place insurance policy fraud between Bank of America/Balboa, is there a way to get this reduced or wiped out? Isn't a $10,000 policy on a $400,000 home in and of itself fraud?</p>