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Homeowners who had a mortgage loan through Bank of America or Countrywide Home Loans and were stuck with force-placed insurance, should keep an eye on their mailboxes because checks are on the way!
According to the Bank of America Forced-Placed Insurance Settlement Claims Administrator, payouts were disbursed to Class Members who filed a valid and timely Claim Form on Feb. 1, 2016.
Top Class Actions readers will let us know the final check amount they received soon!
Top Class Actions has been following this force-placed class action lawsuit since 2014.
The Bank of America class action settlement resolves allegations that the two lenders (and their affiliates) charged borrowers excessive force-placed insurance policies.
Force-placed insurance is issued to homeowners if they don’t provide proof that they have acquired hazard insurance on their own. The mortgage company will typically buy it for them but the policy is almost always at a higher rate.
Lead plaintiff Cheryl Hall alleged in the Bank of America class action lawsuit that the mortgage lenders would receive an unauthorized benefit and additional commissions from the insurer if they assigned force-placed insurance policies to borrowers.
The defendants deny any wrongdoings but agreed to the terms of the force-placed insurance settlement to avoid the cost of further litigation.
Class Members include all borrowers who had mortgage loans, home equity loans, or home equity lines of credit serviced by Bank of America NA or BAC Home Loans Servicing LP (formerly known as Countrywide Home Loans Servicing LP) who were charged a premium for lender-placed hazard insurance coverage issued by Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company, QBE Insurance Corporation, QBE Specialty Insurance Company, Praetorian Insurance Company, or one of their affiliates between Jan. 1, 2008 and Feb. 3, 2014.
The deadline to file a claim for the Bank of America force-placed insurance class action lawsuit settlement was Jan. 27, 2015.
Congratulations to our viewers who submitted a valid claim and got PAID! If you missed out, sign up for our free newsletter to receive updates on new class action lawsuits and settlements. You can also check out which class action settlements are still accepting claims in our Open Class Action Settlements section.
Class Members are represented by Adam M. Moskowitz and Harley S. Tropin of Kozyak Tropin & Throckmorton PA; Aaron S. Podhurst and Peter Prieto of Podhurst Orseck PA; and Lance A. Harke and Howard M. Bushman Harke Clasby & Bushman LLP.
The Bank of America Force-Placed Insurance Class Action Lawsuit Settlement is Cheryl Hall, et al. v. Bank of America NA, et al., Case No. 12-cv-22700-FAM, in the U.S. District Court for the Southern District of Florida.
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One thought on Bank of America Force-Placed Insurance Settlement Checks Mailed
How about GMAC mortage, in 2008 I was forced to put a floor in policy on my home, because home land security said it was in a fold plane. It was not but it cost me lots of money and they put a forced policy on me. Finally they told me I was not required to carry the policy, but I never got my money back….