Legal Question in Banking Law in Alaska
How to get out of a refinance due to flood insurance
In Alaska my bank that has our house loan since 2001 does not require flood insurance. Tried to refinance in good faith with an on-line bank that kept calling but now says that flood insurance is required after I was approved. My Insurance company and Community Planning Department with the Burrough (same as County in lower 48) says it isn't because FEMA maps out of date, but no one will put it in writing. Since this has never come up before how can I terminate the refinance. I want to be fair, but I had no idea that this insurance was a requirment from the on-line bank when I started the refinance since my present bank never required it. I'm willing to let them keep my deposit but not willing to pay more. Hope I picked the right category.
1 Answer from Attorneys
Re: How to get out of a refinance due to flood insurance
If the credit was contingent on flood insurance and you can't get it, then the contract is invalid.
You *may* be entitled to any money paid back, so read your contract and do everything in writing.
A lawyer can help you with this.
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