A class action case brought on behalf of thousands of homeowners across the state alleges that they were subjected to so-called force- or lender-placed insurance through their Wells Fargo Bank Mortgages. As many as 24,000 Floridians- many in Broward and Palm Beach counties- were assessed excessive premiums with QBE Insurance after being “forced” into coverage with the insurer when either their mortgages were deemed in default or their homeowners’ policies were determined to have lapsed, plaintiffs’ attorneys alleged. The class-action case was originally certified in July 2012 and scheduled for a July 2013 trial.
According to court documents, members of the class paid insurance premiums amounting to about $77 million. If it’s approved, class members who paid the QBE premiums will get back 25 percent of what they paid. Those who were charged but did not pay will receive a credit equal to 25 percent of the charges they were assessed toward their mortgage balance. Plaintiffs’ attorneys will send letters to the homeowners who are eligible for the settlement, if it is approved. They have also set up a website, www.fpilitigation.com, to process claims.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the website, www.miamibankruptcy.com.