Home loan / Deceptive Practices/Insurance Fraud
My mortgage was sold to Nationstar. I have made every payment on time (set it up to auto pay from my checking account). The mortgage is on a condo, and as part of the condo fee have insurance in the event of hail, fire, earthquake ect. In addition, I have an additional policy for $158, 000.00 the sale price of the real estate and personal contents. I also have PMI that I pay on a monthly basis. Since Nationstar acquired the mortgage they arbitrarily assigned their own insurance (note: turns out with investigation, from an insurance company they own) amounting to $10, 000 annually. They are currently escrowing the $10, 000 they arbitrarily assigned, as well as, assessing late charges for not paying an additional amount for insurance they felt was "necessary" to protect their interest. In addition, to this insult to injury, they are destroying my credit by reporting that I am not paying the $10, 000.00 additional insurance. Surely something can be done about the deceptive practices that this company.