Escrow & insurance review tips for the new year
Now is the time to review financial responsibilities, like escrows and insurance coverage.
What is forced-placed insurance?
Forced-placed insurance protects the lender, so it is important to have your own homeowners insurance policy for your protection.
Explainer: What is forced-place insurance?
Forced-placed insurance occurs when a bank or mortgage servicer places an insurance policy on a property where the mortgage borrower/homeowner’s insurance has lapsed or is deemed insufficient.