- Created on Wednesday, 22 January 2014 14:24
JPMorgan and insurer Assurant Inc allegedly raked in more than $1 billion since 2008 as a result of forcing overpriced insurance on homeowners. The term for this practice is Force Placed Insurance and occurs when homeowners (for any number of reasons) are not current on their homeowner's insurance. The bank then secures insurance and passes the cost on to the homeowner. Over the last several years; however, it has become increasingly popular for the bank/lender to make a deal with an insurance company to overpay for the policy (of which they are going to pass along to the homeowner anyway) in exchange for a kickback. In this situation, the insurer gets unjustly enriched, the bank or lender gets unjustly enriched, and the homeowner loses.
If this sounds familiar, you too may be a victim of force placed insurance. Fortunately, the process of recovering all of those losses may begin by simply contacting the Forced Insurance Lawyers at Cates Mahoney, LLC. Our team of attorneys can help maximize the amount that is recoverable to you. As seen in the story above, while JP Morgan (as part of the settlement) refuses to admit any wrong doing, they agreed to settle out of court for $300 million dollars. This money has been set aside to compensate the victims of those whom JP Morgan overcharged and we can help you recover it.
The following banks are also being targeted: SunTrust, Bank of America, JP Morgan, Chase Bank, Wells Fargo, Citigroup, Ally Financial, US Bank Home Mortgage, PHH Mortgage, OneWest Bank, Nationstar Mortgage, Ocwen Financial Corp, and MetLife Home Loans.
You may be eligible for thousands of dollars in overpaid insurance costs. Contact Cates Mahoney, LLC today to see if you have a case – free consultation, no risk, no obligation.