Washington, District Of Columbia
Not resolved
7 comments

Flagstar Bank forcde insurance on not just one but two of my proerties. They do not call the insurance companies and request to be mailed renewals or changes.

You the home owner must get them and on time or they send you a letter. Then you send them the information three or four times and then they dont tell you there are two insurance deparments at Flagstar. one handles General liability and the other flood and hazard. They also dont tell you during your loan that they require specific personal insurance policies after they issue you the loan.

Then in my case they said they only recieved part of the policy due to fax problems on there end and instead of calling me to refax, they force issued policies on my properties for some three times the going rate. Then sent me a letter that states my escrow account is now in the rear and i need to send them money.

I have refinanced one of my properties and i am in the works on the other. will never use Flagstar again and have filled complaints with MD state board of Mortgage Finance.

Product or Service Mentioned: Flagstar Bank Mortgage.

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Anonymous
#1696831

I wish I saw this before they screwed me, they didn't accept my 2 yes 2 Flood ins policies, then I bought a 3rd for the amount they requested and they did not accept that either. My Ins broker said the policy they wanted didn't exist.

They then forced placed a policy on me for 7 thousand dollars!!

I was forced to refi with a different company which also cost me thousands, but Im free of the SCAM of Flagstar Bank. If you read this avoid them.

Anonymous
#293379

Complain to the "Attorney Generals Office" and don't forget the BBB, call, call, and call they will get tired of "flagSHAFTs bank's", ccCRAPpp and if enough customers do this they will take action, they will get sick and tired of the call's! But don't forget call, call and call don't be a slump!

Anonymous
#293377

You have no rights with "flagSHAFT bank" they don't care and that is that, you can talk till you are blue in the face and they really don't care how many call's you have to make to straiten out the mess they put you in, they just play the ssSTUPIDdd game with you and that is the only customer satisfaction you are going to get, ssSTUPIDdd is the only game they know! I feel for you!

Call the "Media Local & Major" 60-Minutes doe's the best research and they are not afraid of big banks there show is not paid by commercails of banks that is how come a lot of networks are afraid of them commercails pay there salerie's but 60-minutes is free of this that is how come they are not afraid, call i know they will help. Don't give up.

Anonymous
#293319

Flag Star Mortgage

This is to inform you that I have spoken with Omni Insurance in regards to cancelling the Builders Risk insurance of which I had not applied for anyway. I was doing repairs on the home and this is the type of insurance I applied for, no one was living in the home. Now that the construction is complete and I have a tenant I needed to change the type of insurance. If I had been informed of this I would have made changes at that point. But, your company feels so compelled to take from escrow without the customer knowledge and renew with another Builders Risk Insurance. And as one of representative so boldly put it “this is what you have escrow for ” The policy was in effect until 5/14/2011 and Flag Star chose to renew on 5/02/2011 not even allowing me to obtain another type of Insurance. The check was written to Omni Insurance for the amount of 671.00. Now it’s my task to retrieve the check and make all the calls, and hope that Omni Insurance will release the funds to me. Please help me to understand customers’ rights. I guess we just don’t have any with Flag Star Mortgage. I am so disappointed with these transactions and the lack of customer rights, let alone courtesy. In the history of this loan I have not had insurance taken from escrow I have always purchased my insurance separately. I currently have Lone Star Insurance effective 5/9/2011.

Is there some way this can be reported and who can we report this to.

Anonymous
#80232

Flagstar Bank is perpetrating exactly the same scam on me--for the second time. It's the same methods.

They send me an ambiguous notice saying my coverage is not enough. (It's always been enough for Wells Fargo.) I increase the coverage after forcing them to give me an actual number (beyond the ambiguity of the letter.) When my insurance company faxes them the info, Flagstar ALWAYS says they didn't receive anything.

They do this so that they can charge me $1000 for their own-purchased insurance policy. How many thousands of people are they doing this to?

Does anyone know of a class action lawsuit against them?

Anonymous
to kpmsprtd Palm City, Florida, United States #771548

I am experiencing the exact same problem! I feel like I posted your post.

I am going to be filing a complaint on the Consumer Financial Protection Bureau website.

www.consumerfinance.gov I'm just putting all my paperwork together and hitting send. Are there any success stories out there?

Anonymous
#76234

You have to file a complaint with the BBB & the attorney General office, if enough customers do this, there will be a responce, i do feel your pain just read all the blogs attached to this site, it seems as if the department in charge of General liabity & flood Insurance are not doing there jobs, they know what your problem is but they play ***, Forrest Gump says *** is *** doe's in other words more unhappy customers. Good Luck!

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