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Foreclosure Defense and Loan Modification Blog

Force-Placed Insurance: What It Is And What You Need To Know

Posted by Maxwell Swinney

Tuesday, February 9, 2016

If you've never heard of force-placed insurance, consider yourself lucky. If everything goes perfectly with your home and mortgage, there's a lot you'll never hear much about, like default, deficiency judgment, request for modification assistance, or deed in lieu of foreclosure. But things don't always go perfectly, and a lot of things that used to be rare are more common now because of the housing market crash and recession.

What Is Force-Placed Insurance?

Force-placed insurance (also called creditor-placed or lender placed) is an insurance policy a lender or loan servicer places on a property when the owners' insurance is insufficient or nonexistent. The lender does this not to protect your investment, but theirs. Without insurance, a fire, flood, or accident could cause damage to or destroy the property, and it wouldn't be covered. A home is worth too much, and insurance is required, so the lender will get coverage if you don't.

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Topics: loan modification, force-placed insurance

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

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Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

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