Berger & Montague filed a class action
complaint in the United States District Court for the Central
District of California alleging that OneWest Financial/IndyMac
Mortgage Services ("OneWest/IndyMac") requires certain borrowers to
purchase flood insurance in excess of what their mortgage contract
and federal law requires.
When a lender originates or services a home equity or mortgage
loan for customers who pledge their home or condominium unit
located in a "Special Flood Hazard Area" as collateral, federal law
requires proof of adequate flood insurance as a condition of
obtaining the loan.
Subsequent to closing, OneWest/IndyMac sends some customers form
notices informing them that their flood insurance is inadequate
under federal law and/or the mortgage contract.
OneWest/IndyMac requires that these customers purchase flood
insurance that exceeds the bank's security interest in the home or,
alternatively, exceeds the replacement cost of the home.
OneWest/IndyMac misrepresents that the flood insurance requirement
is in line with federal laws for homeowners in "Special Flood
Hazard Areas." OneWest/IndyMac then continues to send a series of
letters asking for more information and explaining
OneWest/IndyMac's intention to force-place flood insurance.
Ultimately, OneWest/IndyMac purchases the flood insurance policy
at a high premium and assesses the premium costs on the homeowner.
The cost of the policy is either deducted from the home
equity account or added to the mortgage balance. As a result,
the customers have no choice but to pay the premiums.
If you obtained a home equity loan or mortgage from
OneWest/IndyMac and were forced to buy flood insurance by
OneWest/IndyMac even though you were covered by an adequate flood
insurance policy, you may be entitled to financial compensation.
For questions about this class action against
OneWest/IndyMac, please contact Shanon J. Carson at (215) 875-4656 or
by email at firstname.lastname@example.org.
Further information is set forth below.
Are you a current or former customer of OneWest/IndyMac?
Fill out the free case review form describing your OneWest/IndyMac
complaints to find out if you have legal recourse to recover
OneWest/IndyMac Force-Placed Flood Insurance Class Action
Due to the number of OneWest/IndyMac complaints from consumers,
our attorneys are currently available to review claims from current
and former customers who obtained mortgages or home equity lines of
credit using their home or condominium located in a "Special Flood
Hazard Area" as collateral. If you suspect that you have been
subject to OneWest/IndyMac's force-placed flood insurance practices
described above, complete our no cost, no obligation case review
form today. At no cost to you, our lawyers will review your
claim to determine if you can recover financial compensation
through a OneWest/IndyMac class action, a type of lawsuit which
would allow a large number of consumers the chance to collectively
bring a claim against the company in court.
Berger & Montague's force-placed insurance group vigorously
represents homeowners against major banks. To find out about
investigations, as well as both pending and settled cases, please
force-placed insurance case page.