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PHH Mortgage / FLOOD INSURANCE

1 Trenton, NJ, United States Review updated:

PHH SAID I NEEDED FLOOD INSURANCE ON MY HOME I PROVIDED THEM WITH A LETTER FROM, HAMILTON TWP, NJDEP, AND REGION 2 DHA/FEMA LETTERS STAINF I AM NOT LOCATED IN A FLOOD ZONE, THEY CHECK WITH WHAT THEY CALL THIRD PARTY ENGINEERS WHO STATES OTHER WISE WHEN I ASKED IF I PROVIDE THEM WITH A LOMA FROM FEMA WOULD THAT SATISFY THEM I WAS TOLD WHEN I GET IT THEY WILL SEE, WHEN ASKED ABOUT REIMBURSEMENT THEY SAID ITS NOT UPO TO THEM. I DONT SEE HOW ALL THE DOCUMENTS AND NOTICES THAT I PROVIDED THEM WITH WAS NOT SUBSTANTIAL. YPU WOULD THINK IN THIS DAY AND TIME THEY WOULD RATHER YOU PAY YOUR MORTGAGE THEN SOME USLESS EXSPENSIVE INSURANCE THAT I DONT NEED.

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Comments

  • Th
      1st of Apr, 2009
    0 Votes

    We had a similar thing happen to us when we were refinancing with PHH. Instead of asking for "flood insurance" they are requesting us pay "PMI Insurance" because they hired someone to do an appraisal which "low balled it." We also showed a lot of documentation to show that the appraisal report was full of errors and incorrect information and they insisted with staying with it. My gut feeling tells me PHH gets kick backs from flood insurance and PMI.

  • Jm
      18th of Apr, 2009
    0 Votes

    We just got an appraisal 60 to 70 K less than an experienced local realtor... I smell something fishy as well. What state do you live in Thomas. We are in PA.

  • Ra
      15th of Sep, 2009
    0 Votes

    You people that know nothing in the mortgage or insurance industry crack me up. First of all, PMI is private mortgage insurance which has nothing to do with any lender. Lenders do not receive kickbacks or benefits from any insurance company. That is why we do not care who you get it from. When the LTV is above 80.0% PMI is mandatory.

    As far as appraisals coming in low...its the economy right now. Because of all the flipping that went on and crashed this economy to hell, they are more conservative and choose appraisers who actually do their job well.

    FEMA provides maps to lenders. IF you are zoned in a flood area it is very difficult to get reverted.

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