HERNANDO BEACH – Thousands of people in Hernando County are being forced into foreclosure because of what banks call “force placed insurance.” But some homeowners and their advocates call it fraud, and they are fighting back.
At issue is homeowner’s insurance. If a homeowner doesn’t pay it, the bank will buy insurance and bill the homeowner. In Hernando County, where sinkholes are rampant, insurance rates have skyrocketed.
It has left people like Joyce Wogan vulnerable. Wogan pays her mortgage on time every month, but she just got an ominous letter from the bank. . It read in part “….your current flood insurance doesn’t meet the minimum required amount. We’ve purchased temporary insurance to protect our investment in the property.”
Here’s the problem: Wogan’s annual insurance premium went from rough $1,500.00 a year to more than $7,000.00.
Wogan’s attorney calls it a case of fraud.
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