Is there a law that states mortgage co. can or can not charge you more for home insurance than what they say they have paid for it themselves if so what is the law code or MCR and what does it say about it.


If a mortgage co has made errors in your account and are now trying to cover it up to the point of taking your home away, but you have proof of what has happened, what can you do for all they have done to you what is the code or MCR for this in Michigan

Help I been taken by the bank

If you do not provide property and causality and liablitiy insurance as normally required under your mortgage they will get it, they will add on a service fee and since this is now a higher risk because when you don't provide it, and the mortgage company has to, it is now a higher risk coverage also.

They will file in court to have the mortgage in default and a foreclosure.
In court you can present your evidnece that they are doing a fraud.

Why is the mortgage company providing the insurance? Why aren't you doing it yourself? Most mortgage contracts do require that the property be insured. If you don't do it, they will and pass along the cost as part of the escrow portion of the mortgage. If they do purchase insurance I doubt if they will tell you what they are paying for it, so I don't know how you know they are charging more. However, I don't think there are any laws against them doing a markup.

You can request an accounting of your account at any time. If it doesn't match your records, you can request an adjustment. But, as Chuck said, if you think you can prove malfeasance, then let them take you to court and present your proof.

However, unless this is a very small mortgage company, I would be surprised if there are truly irregularities. And if it's a bank, I would be even more skeptical since banks are regularly audited.

Why do you think you being taken?

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Originally Posted by wiseguy

is there a law that states mortgage co. can or can not charge you more for home insurance than what they say they have paid for it themselves if so what is the law code or MCR and what does it say about it.


If a mortgage co has made errors in your account and are now trying to cover it up to the point of taking your home away, but you have proof of what has happened, what can you do for all they have done to you what is the code or MCR for this in michigan

Help I been taken by the bank

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The insurance your mortgage co has placed on the property is considered HIGH RISK since you apparently you have failed to insure it yourself... if you can't insure the property something must be wrong with YOUR credit so the carrier has to charge MORE because of your HIGH RISK.

I would bet that this situation is unique to you and is NOT something that is rampant in your state.