Insurance Fraud 101

From OperationLeakS:

Written by ExBofAEmployee1

It’s time to take a look at the basics of insurance forms so you can understand how it is the banksters commit fraud and charge you erroneous premiums. Whether you have a bank loan for a house, condo, mobile home, townhouse, automobile, farm/commercial equipment, or a commercial property, you are required by the terms of your loan to carry insurance of some type. The Acord form may look familiar to you:

This point is where the majority of the insurance fraud by your bank against you occurs. Here’s how:

A Deletion of Interest is printed on a cancellation form, and is therefore treated by the loan servicer as a cancellation.

If you paid close attention to the rules above, the LPI policy that is forced on your account and charged to you is often backdated regardless of whether or not you have a loss.This is a highly illegal practice that will actually be documented on the force placed letter you receive from the loan servicer.

A Deletion of Interest is sent to your bank in the following scenarios (the majority of which are completely out of your control):

Your Lienholder sells your loan to investors

Your Lienholder sells the servicing rights of your loan to a loan servicer

You pay off your loan and file a certificate of lien release

Your Lienholder/Loan Servicer changes processing center addresses or PO boxes

Your Lienholder is bought by another bank

As you can see, without any intervention, miscalculation, or mistake on your part in any way, the banking and insurance regulations set for your bank have now caused your escrow account (whether pre-existing or not) to become negative, even if you already paid off your loan, due entirely to circumstances created by your bank. This occurs tens of thousands of times every single day in our country to honest and hardworking American citizens, causing many to have their home, vehicle, or investment property taken away from them illegally by the bank.

If you are in the position where you may lose (or may have already lost) your property, whether home, auto, or commercial, study any correspondence you have received from your bank. You may have the system-generated written proof of their fraudulent and illegal (per the Gramm-Leach-Bliley Act) activities already in your hand in the form of a force placed policy notification form where the effective date of the policy is older than the print date of the letter itself. Bring this to the attention of an attorney immediately.