Fault of Mortgage Company Lawyers in New Orleans
Your home is likely your most valuable asset. You trust your mortgage servicer to handle your payments and account details correctly. But what happens when they make a serious error that costs you money or threatens your homeownership?
At Berniard Law Firm, our attorneys have deep experience in real estate and finance law. We know how to hold negligent mortgage companies and servicers accountable for their costly mistakes.
Escrow Errors and Lapsed Insurance Coverage
Do you maintain an escrow account with your bank and make regular deposits for your taxes and homeowners insurance? If so, it is the bank’s responsibility to make timely payments from that account. Their failure to do so can cause your insurance policy to lapse.
A lapse in insurance occurs when premiums are not paid or an existing policy is not renewed. This results in a total loss of financial protection. If you have paid all your mortgage payments but are told your coverage has lapsed, it could be the fault of the mortgage company for not paying the insurer.
The Dangers of a Lapsed Policy
- Financial Risk: If a fire, flood, or burglary occurs, you assume all costs associated with the event.
- Force-Placed Insurance: The mortgage company may purchase “force-placed” insurance on your behalf. This coverage is almost always more expensive and offers less protection than your original policy.
We Fight for Homeowners
If you have made your payments on time and the mortgage company’s error caused your insurance to lapse, it is a direct violation of federal law.
The Berniard Law Firm will work carefully to review your mortgage and escrow documents. Our goal is to ensure the mortgage company refunds any fees or interest charged due to the lapse in coverage. We can assist you in filing a claim against the company for the amount of losses your requested insurance would have covered.
Our Track Record: Our attorneys have successfully helped many clients fight mortgage companies and secure settlements. In every lapsed coverage case we’ve handled that was due to the mortgage company’s fault, they initially denied any wrongdoing. It took the tenacity and expertise of the Berniard Law Firm to show them their error and get our clients the coverage they paid for.
Common Types of Mortgage Servicer Fault
We handle cases involving a wide range of mortgage company errors, including:
- Escrow Account Errors: Failure to pay property taxes or homeowners insurance, leading to liens or coverage lapses.
- Misapplication of Payments: Applying your payments incorrectly, resulting in late fees, credit damage, or wrongful foreclosure.
- Wrongful Foreclosure: Initiating foreclosure on a home that is not in default due to record-keeping errors.
- Failure to Honor Loan Modifications: Causing financial harm by failing to implement agreed-upon loan modifications.
- Force-Placed Insurance Abuse: Improperly charging for expensive force-placed insurance.
Speak With a Berniard Law Firm Attorney Today
These cases involve special expertise that only experience can bring. The Berniard Law Firm’s attorneys have had a great deal of experience suing mortgage companies for their clients since Hurricane Katrina.
Don’t let a bank’s mistake become your financial nightmare.
Call us at (504) 521-6000 to speak with a lawyer about your case.
You can also complete our contact form, and an attorney will contact you within 24 hours.
- Free Consultations: It costs nothing to talk to us.
- No Fee Unless We Win: We handle cases on a contingency fee basis. You pay nothing unless we secure a settlement or court award for you.
Co-Counsel and Expert Consultation Services
The Berniard Law Firm is happy to take on any role necessary to help individuals and businesses in their fight against insurers. We have served as lead counsel, co-counsel, and provided expert consultation services for:
- Corporate counsel and risk managers
- Public insurance adjusters
- Contractors and corporations
- Homeowners
We assist during claims adjustment, investigation, litigation, and all phases of the process to resolve coverage disputes. Call the Berniard Law Firm today to speak with an attorney regarding our services.