Third Federal - Forced placed windstorm insurance
I took out a HELOC with Third Federal five years ago. This is a home equity line of credit.
It is a first mortgage for $150,000. They only required me to provide flood ins. and homeowners for five years. I recently received a letter from their Texas office which was backdated 10 days giving me 35 days to obtain windstorm ins.
or they will forceplace it. Since this is not a renewal, I have to get a new company and have two inspections which doesn't give me much time to comply. The cost of windstorm ins. in Florida is outrageous, that is why I went with their bank.
The monthly insurance payment will be more than my mortgage payment. They change the rules in the middle of the game.
Monetary Loss: $3500.
Location: Miami, Florida
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Third Federal does not have a Texas office.
all their insurance notices come from Texas.