Quote:
Originally Posted by Nirvana58
Update:
I finally got a hold of a BB&T supervisor. He basically told me that I was screwed and had to abide by the requirements. He told me in section 5 of page blah blah I signed a document stating basically that once Sunflower sells my loan that the new lender can change my mortgage agreement if it doesn't fit their requirements. That is contrary to every document I found in my agreement stating that my mortgage agreement wont change in anyway. (Also letters I recieved from BB&T) Also a signed document stating I only have to have the principle balance of my loan covered in flood insurance. I have called Sunflower stating they need to make this right and that is pretty decieiving tatics to let whoever buys my mortgage have the power to just change our legal agreement. I have also requested the document from BB&T that I supposedly signed. I know a real estate attorney that I am going to see if I can get a free consultation. I am also thinking about refinancing with another bank and just telling BB&T to **** off. (just sucks repaying all closing fees again but now its turning into the principle) I can't believe banks can get away with type of bullshit.
|
Your original lender Sunflower ****ed up. The requirements won't change from one loan servicer to the next. What is your pricipal balance vs replacement cost? IF you don't know look at the appraisal the bank required and look at the cost approach, cost of improvements. This shouldn't be a huge difference in premium. If you don't do this they will force place coverage which is 4x's the cost. Talk to you insurance agent. I finance properties on bridgeless barrier islands, this isn't a killer.