My home owners insurance is escrowed, Flagstar has refused to pay the insurance although there is more than $3000.00 in the account. I am at an loss on what to do.
I am told it is my responsibility and to pay it myself and ask for reimbursement. I just dont have the money. The insurance company warns me to not let it cancel as the hoops I will have to go through to get new coverage. The bank simply wont give me answer.
My loan is a FHA loan so it has to be escrowed no other option. It only benefits the bank to have the insurance.
Monetary Loss: $1405.