[allfundjames]

I just got a Saxon borrower from FL who has just gone 60. The problem was homeowners insurance if FL is ridiculosly priced, and hard to find. His DTI is under 40, and payment by itself is no problem. He can catch up the payments, or buy insurance to get rid of the forced placed that caused the delinquencies. Any past experiences with either Saxon, or the FL insurance problem??

[877YouKeep]

Saxon will deal the only issue is the insurance be sure prior to submitting a workout the guy can afford the house which will include the force placed. Florida has a safety net program that is far cheaper than force placed the company is Citizen Insurance. Look into it and it should dramatically drop his payments.

[homequest]

I'm somewhat lost concerning the insurance lingo, what does "forced place" mean?

[877YouKeep]

Forced Place Insurance - is really lender placed insurance, bad, for the homeowner! It is very costly and does not protect the homeowner. This coverage will not protect their contents in the house, unless the mortgage documents provide otherwise, the borrower does not have the right to cancel the policy - only the lender can cancel it. Your mortgage lender has the right to protect its collateral from loss. If the property is underinsured, your mortgage lender has the right to purchase lender placed insurance on your property. If you let your insurance lapse the lender knows and will slap a forced place insurance policy on your home and you will pay dearly.

[rubys62]

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