Allegations over the force placed policies and the practices surrounding them have led to the payout. A federal judge recently signed off on a JPMorgan Chase settlement that will have the lender paying out a minimum of $300,000 to approximately 750,000 mortgage customers who had expensive homeowners insurance forced upon them. Force placed insurance is commonly applied to mortgage borrowers who let their coverage lapse, breaching their contract. When the required homeowners insurance is allowed to lapse by the mortgage borrower, or if they simply stop paying it, the lender…
Read MoreHomeowners insurance settlement of $300 million to be paid by Chase
