MBNA Forced Placed Flood Insurance Complaints Under Investigation

(EMAILWIRE.COM, April 14, 2012 ) Class Action.org is investigating whether property owners who took out a mortgage loan from MBNA were forced or coerced into purchasing or maintaining an excessive flood insurance policy. Allegedly, certain mortgage companies have been engaging in potentially illegal practices in regard to forced placed flood insurance policies, forcing homeowners to pay costly premiums for coverage that is unnecessary or excessive. If MBNA forced placed an excessive flood insurance policy on your property, Class Action.org would like to hear from you. Visit http://www.classaction.org/forced-placed-flood-insurance.html to find out if you can seek compensation for the costly premiums paid out for this coverage.

While MBNA has not yet been named among the banks allegedly engaging in unfair forced placed flood insurance practices, those borrowing from this establishment may have grievances similar to those expressed in forced placed flood insurance suits. Potentially, a mortgage holder may be able to participate in a flood insurance lawsuit against MBNA or any mortgage company if they were forced or coerced into any of the following: buying a second flood insurance policy even though they were covered by an existing policy through a condo association or otherwise; purchasing or maintaining more coverage than what was required under their mortgage agreements; paying for forced placed flood coverage after an acceptable policy was refused; or buying flood insurance coverage in excess of what is required by the law. Allegedly, some of the banks accused of force placing excessive flood insurance policies received kickbacks or commissions for their purchases, the cost of which was expensed to the borrower.

Several forced placed flood insurance lawsuits have already been filed on behalf of property owners who were coerced or forced into carrying additional, unnecessary or excessive coverage. MBNA has not been named among these suits, but it is believed that they may have employed similar practices. To learn more about the legal rights which may be available to borrowers who had an excessive flood insurance policy forced placed on their property, visit Class Action.org where visitors can request a free online case review. Class Action.org remains committed to protecting the rights of consumers.

About Class Action.org

Class Action.org is dedicated to protecting consumers and investors in class actions and complex litigation throughout the United States. Class Action.org keeps consumers informed about product alerts, recalls, and emerging litigation and helps them take action against the manufacturers of defective products, drugs, and medical devices. Information about consumer fraud issues and environmental hazards is also available on the site. Visit http://www.classaction.org today for a no cost, no obligation case evaluation and information about your consumer rights.

ClassAction.org
Hannah Armstrong
800-449-1970
pressrelease@lawyercentral.com