Goldman Scarlato & Penny, P.C. is investigating a possible claim on behalf of borrowers who obtained a mortgage through one of the following financial institutions: M&T Bank, Selene Mortgage, and Fifth Third Bank, and who had a hazard, flood or wind insurance policy placed on their home by the bank. This practice is known as force placed insurance and M&T Bank, Fifth Third Bank and Selene Mortgage borrowers may have been charged artificially inflated premiums.
Goldman Scarlato & Penny is investigating how M&T Bank, Fifth Third Bank and Selene Mortgage handled their customers’ lapses in insurance coverage, in particular lapses in borrowers’ hazard, floor and wind insurance. When there was a lapse in the borrower’s hazard, flood, or wind insurance, M&T Bank, Fifth Third Bank and Selene Mortgage may have purchased coverage on behalf of the borrower at extremely high rates. The premiums were charged back to the borrower.
While M&T Bank, Fifth Third Bank and Selene Mortgage had the right to purchase insurance on behalf of its borrowers when they allowed for a lapse in coverage, it may not have been permitted under the terms of its agreements with its borrowers to purchase polices at inflated levels.
If you have a mortgage with M&T Bank, Fifth Third Bank or Selene Mortgage and believe that the bank purchased forced place insurance, including hazard, flood or wind insurance, for you, please contact a GSP attorney to learn more about your rights. Please contact Mark Goldman at email@example.com or call (484) 342-0700 with any questions you may have.