Legal Question in Credit and Debt Law in Missouri

Re: Loan Company Charging for Insurance that has already been paid for

In order to provide you with legal advice in this situation I would need to review the legal documents concerning your mortgage. Somewhere in the note or security document there is a provision concerning required insurance coverage. That provision will set forth your right to obtain the required insurance coverage on your own, and should also tell you how you must notify the mortgage lender in order for the coverage you obtain to replace the coverage obtained by the lender (for which they have continued to charge you.) Then, if you have copies of the correspondence, or if you can prove that you have complied with the contract requirements, it should be relatively easy to explain things to the lender or the lender's attorney so that the situation is corrected. Unless you have complied with the contract requirements, you may in fact still be legally responsible for the insurance premiums incurred by the lender to insure the secured property, even though you have faithfully paid your own insurance premiums for coverage on the same secured property. If you are not already represented by legal counsel, I would be willing to review the documents and advise you further for a modest fee. You may call me for a free telephone consultatiohn at 314-727-2822.