Relevant:
2012-10-09 — homepreservationnetwork.com
``Thousands of Minnesota homeowners are being saddled with insurance forced on them by mortgage lenders. The problem: Coverage, which lenders add to monthly mortgage payments, can cost ten times as much as typical homeowners insurance despite offering less protection - pushing homeowners close to default.
Across the country, the high premiums are pushing hundreds of thousands of vulnerable homeowners closer to default as the costs are added to their monthly mortgage.
When Keeney's homeowners policy lapsed, she was pushed into a forced-placed policy at an annual cost of $4,185, well above the $1,655 she used to pay State Farm. "It's ridiculous," she said.''
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