OT: (LONG) Worked from home today..

Discussion in 'Credit Talk' started by hurricane5, Jun 8, 2001.

  1. hurricane5

    hurricane5 Well-Known Member

    because I had to spend all morning on the phone with my home insurance folks and the bank the is holding my mortgage. Seems the bank decided that they didn't have to pay for the renewal of my homeowner's policy out of my escrow account. The bank lady told me that since I refinanced my house, I should have paid for my homeowner's policy at time of closing and they would start paying it when it comes up for renewal in 2002...I said hmmm, now let's see, according to YOUR escrow disclosure statement, you should have made a disbursment in May, and now, the insurance company won't rewrite the policy because the policy lapsed on MAY 18 (only reason I knew all this was because I called to check my escrow balance on June 1)...so the ins. company says..well we can write you a new policy with another company...but your premium will go up by almost $200 a year..I say okay, call the bank back...they say...can you find a cheaper policy...I say probably, but I don't have time to call around to 10 insurance companies to get rates...she says..no problem, let's go with the company you have and that will just raise your monthly payment by $25 (putting me over $1400/mth)...I say..are you smoking crack or just not listening...YOU made the mistake, and now you think I'm going to pay for it for the next 29 years, ain't happening..she puts me on hold and comes back with...we'll call your existing company and see if they will write the policy...I say...knock yourself, when will I know something...she says...well, it'll probably be a few days...I say...well that's not going to work because 1) today is Friday, 2) just my luck, someone will drive a truck through my front door this weekend and I'll have no insurance and 3) I'm leaving for Jamaica next week, and I'm not leaving my house uncovered for over a week...she says...well not much else I can do...I say...ok and hang up...I call back the insurance company to fill them in and ask them if we can look at the numbers again...so I spend another hour on the phone with her redoing all the numbers, adding discounts, getting rid of optional coverages, etc..finally we get a number the is comparable to what I'm paying now, with the same basic coverages...I tell them to bill the mortgage company...I call the mortgage company back and tell them what I'd done...of course, I didn't get the same rep, so I had to recount the whole story AGAIN!

    Now the whole time this is going on...my 2 cell phones are going crazy, my work email like crazy...and I'm still scared to check my office voice mai...at least my admin only called me 6 times today (mostly to tell me about another meeting that I was supposed to attend!!!)...I waste a perfectly good day off, and didn't even get to think about touching my golf clubs!

    Anyway, I did get something positive out of today...see my next post...
  2. breeze

    breeze Well-Known Member

    Hurricane, get the quotes yourself, call an independent agent, pick your company and policy. Sign the paper work (application), the agent can bind it when you sign a piece of paper called an "agent of record letter." They will then bill your mortgage company. You will be all fixed up - don't have to put out a nickle. If you can find an agent that works Saturdays, (lots of us do) go get it tomorrow. YOu don't have to mess around with the mtg company - they will have to honor the agent of record letter.

    This is the way it's done. Just explain to the agent what happened. We know - it happens all the time.


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