BONUS: A look inside the Florida insurance market amid Hurricane Ian with Ryan Letzeiser of Obie
Power House
Are There Proactive Measures That Mortgage Servicers Are Taking?
Mortgage servicers are putting a lender placed insurance product on behalf of the lender for the owner that's not paying. A policy that is probably four or five times the price of what you're paying right now, you're responsible for paying that if not we have the right to foreclose because this is part of your loan covenants in the Doxier mortgage. It's a problem I think everybody's expectation is a third of their income goes to housing. Well all of a sudden you're finding out you have these external factors that you didn't plan for that are driving you into 40 or 50% and it becomes an unsustainable issue for most folks.
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