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NATIONAL CITY MORTGAGE CO. / FLOOD INSURANCE

1 3232 NEWMARK DRIVEMiamisburg, OH, United States Review updated:
Contact information:
Phone: 9379101200

I TOOK OUT A MORTAGE WITH THIS BANK OVER SIX YEARSS AGO AND OWE ONLY $138, 000.00 AND THEY ARE NOW TELLING ME THAT MY FLOOD INSURANCE MUST COVER $250, 000.00 BECAUSE THERE INVESTORS WANT OVER WHAT IS THE COST OF THE LOAN, IS THIS LEAGLE AND WHERE DO I GO TO FIGHT THIS BECAUSE IF WE DON'T GET MORE INSURANCE THE NATION FLOOD INSURANCE PROGRAM (NFIP) WILL SECURE AN ADDITION FLOOD INSURANCE POLICY AT MY EXPENCE IN 45 DAYS

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Comments

  • Pa
      13th of Oct, 2009
    0 Votes

    National City is clearly in violation of the law. This has all the makings of a wonderful class action lawsuit. The law clearly states that you need to pay the lower of; the value of the structure, $250, 000, or the total of the mortgages. I have a two bed cottage with a replacement cost of about $95, 000.00. The primary lien holder requires me to keep $120, 000.00 of flood insurance. This I have done. National City is telling me to have the insurance total the amount of the mortgages. ($236, 000). Their paperwork refers to the “value of the property”. This is a miss-quote of the law. The law says the value of the structure. I even sent National City a copy of the law, the appraisal done my the primary lien holder, and the procedure used by real banks to properly insure the property, as well as a copyu of the field card from my assessors. I got the famous lie “my supervisor said no”. I asked them why they are placing 100% of the value on a two bed cottage and none on the lakefront lot. They had no answer. I am trying to sell my cottage and this has increased the cost to pay off the mortgages. This practice also discourages people from buying the house because they think they need more flood insurance than they do. Talk about banks being their own worse enemy.

    Banks get a kickback for placing insurance.

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