Long Week

I apologize for the break. It’s been a long week, as you can probably imagine. I just wanted to let everyone know that we’re working very hard behind the scenes right now on a couple of big projects. Don’t think that anyone’s given up or disappeared. Every swing can’t be a home run. Every so often, you’ve gotta bunt to get everyone in place for the win.

Reporters, lawyers, reporters, lawyers, they love to slow things down…

I just wanted to take a moment to thank everyone for their love and support. Your efforts have not gone unrecognized, and the work will not be in vain. Know that Anonymous is there for anyone that needs help. We all have the power to change the world inside of us, and Anonymous is more than willing to go to bat for anyone who has the courage to stand up and speak out about what they know is wrong anywhere in the world.

Stay tuned. You’ve only seen the first shot. Despite every effort on BofA’s part to silence me, Part 2 is coming.

I’ve only just begun…


About Versability

Bank whistleblower
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2 Responses to Long Week

  1. Robert Burdick says:

    In April of 2005, I closed on a refinance loan for my primary
    residence. Countrywide Home Loans (Lender) was the lender.
    In order to close on the loan, Flood insurance was required by the
    lender. Prior to closing, there was no flood policy in force on the
    property. The lender secured the flood insurance on my behalf in order
    to close the loan. The annual premium for the flood insurance at the
    time of closing was 500.00.

    The lender requires coverage in the amount of the lesser of: $250,000,
    the loan amount, or the value of the improvements.

    As the lender arranged the policy with the insurer on my behalf, I had
    no reason to believe the amount of coverage would be inadequate.
    Further, no policy or policy declarations page was provided to me at
    the time of closing.

    The following year (2006), I renewed the flood policy

    In June of that year (2006), I received notice from the lender that
    the coverage amount was inadequate and advised me to increase the
    coverage amount by over 500%. It turns out the value of the policy was
    33,000. The loan amount was 129,000

    • With wind and/or hazard policies, you’ll likely just have the policy cancelled by the insurance servicer “in error,” but for flood policies they’re allowed by the NFIP to add Flood Gap insurance to cover the difference between the coverage of your preferred policy and the replacement cost (up to $250,000). This is why you’ll often have a flood policy issued to you for such a low coverage amount. You should also know that a flood gap policy is often the LAST policy to ever have a claim filed against it, because in most cases the amount of flood coverage you were provided at closing is more than adequate to cover the majority of possible flood damages on your home. In addition, it is likely that your initial flood policy covers damage to personal property within your home, where as the inflated gap policy only covers structural damage.

      When you get one of those letters, I would highly recommend you call your lender (or loan servicer, as the case may be) and dispute your flood zone to ensure they have the correct FEMA zone mapping for your property. The flood zone mappings constantly change, and flood may not even be required on your property any longer. The mortgage company will only track changes from non-mandatory to mandatory automatically. It is up to you to monitor map changes from mandatory to non-mandatory.

      Above all, be happy you don’t live in a condominium, where you are at risk of being charged for a personal lender placed policy simply because:

      a) Your association’s condo master policy has a 3 year term listed on the Accord form, and the servicer was “unable” to obtain a policy declarations page after the “dummy” 1 year term listed on your loan, or

      b) An endorsement was received which did not specify the exact unit number or name listed on your loan, which often happens as each individual unit owner is not typically listed on an endorsement unless there is a coverage change specific to your unit.

      Hope that helps 🙂

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