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Old 08-23-2007, 11:07 AM
 
52 posts, read 264,472 times
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Does anyone else have Countrywide homeowner's insurance. We pay $3,600 (pre-insurance-reduction bill) a year for a 350K home. Is this reasonable? Any ideas on how good they would pay in a payout situation? I have considered looking for other insurance but I'm afraid to jump because of all the people getting cancellation letters.
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Old 08-23-2007, 12:03 PM
 
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With the mess that company is in at this moment, looking elsewhere may be wise on your part.

Don't know where you live [coastal, inland, etc] so can't say if it is reasonable or not.
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Old 08-25-2007, 02:54 PM
 
52 posts, read 264,472 times
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We live 10 miles inland. Allstate made us an offer of $1900 a year but then I noticed it was a policy written for seniors and some other things. I'm afraid of them and think they're just trying to lure us in and then tell us the policy is really much higher.
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Old 08-25-2007, 03:27 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,292 posts, read 14,805,563 times
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Where are you in Florida? I have Countrywide as my mortgage bank. I didn't know they had HOI policies.

If it's any consolation, I pay $6489 for a lot less coverage than that.

Countrywide was bailed out by B of A. They're not in a mess.
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Old 08-25-2007, 03:56 PM
 
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"The parent firm borrowed $11.5 billion Thursday by using up an existing line of credit from 40 banks, saying the money would help the lender meet its funding needs and continue to grow. But stock investors, apparently alarmed that the company felt compelled to use the credit line, sent Countrywide's already battered stock down an additional 11 percent."

I not so sure a bail out shows signs of a thriving company.

Oeabel- Have you tried State Farm or Bonded Builders? I see you mentioned you lived in Estero. Those companies may write policies for that area. I have not heard of State Farm pulling out of Fort Myers area as of yet & out of two, while neither are all that great, I would prefer State Farm.

Call Allstate & ask them to go through the policy with you & explain it line by line.
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Old 08-25-2007, 03:59 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,292 posts, read 14,805,563 times
Reputation: 6981
Quote:
Originally Posted by 121804 View Post
"The parent firm borrowed $11.5 billion Thursday by using up an existing line of credit from 40 banks, saying the money would help the lender meet its funding needs and continue to grow. But stock investors, apparently alarmed that the company felt compelled to use the credit line, sent Countrywide's already battered stock down an additional 11 percent."

I not so sure a bail out shows signs of a thriving company.

Oeabel- Have you tried State Farm or Bonded Builders? I see you mentioned you lived in Estero. Those two may write policies for that area. I have not heard of State Farm pulling out of Fort Myers area as of yet.
Well, I have them for my mortgage. Have had them for years. Guess we'll have to see what happens.

What could happen? Sell my account to another bank? Would still be the same terms/interest rate, etc. I just have to watch my escrow. Make sure that doesn't "disappear".

My biggest concern is the HOI. Now THAT bothers me.
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Old 08-25-2007, 04:03 PM
 
3,842 posts, read 9,408,246 times
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Quote:
Originally Posted by vpcats View Post
Well, I have them for my mortgage. Have had them for years. Guess we'll have to see what happens.

What could happen? Sell my account to another bank? Would still be the same terms/interest rate, etc. I just have to watch my escrow. Make sure that doesn't "disappear".

My biggest concern is the HOI. Now THAT bothers me.
Yeah, I was wondering the same thing b/c when we were considering buying, our realtor was trying to sell Countrywide on us like it was gold at the end of the rainbow.

The CEO just did an interview with CNBC & said the US was headed into a recession due to the real estate mess.

I think the problem it faces it that it has to tighten restrictions on mortgages & also the companies who provide them the money are going to be less willing to doll out the millions.

Basically, it seems like Countrywide has to be more selective & strict. Sounds like in 04-05, anyone with a pulse could get a mortgage & now MANY mortgage companies are facing dilemnas. Countrywide is just one of the biggest companies in the country. I am waiting for Sun Trust to hit the news.

HOI scared us enough to not buy along with property taxes. Heck, we could afford the mortgage, just not the HOI or prop taxes

vpcats- you many want to do some research on what would happen to your mortgage if Countrywide went defunk [though that is why B of A bailed em out....Countrywide goes defunk & would the s$#% ever hit the fan!] but at least you would have the knowledge!!
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Old 08-25-2007, 05:37 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,292 posts, read 14,805,563 times
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Quote:
Originally Posted by 121804 View Post
Yeah, I was wondering the same thing b/c when we were considering buying, our realtor was trying to sell Countrywide on us like it was gold at the end of the rainbow.

The CEO just did an interview with CNBC & said the US was headed into a recession due to the real estate mess.

I think the problem it faces it that it has to tighten restrictions on mortgages & also the companies who provide them the money are going to be less willing to doll out the millions.

Basically, it seems like Countrywide has to be more selective & strict. Sounds like in 04-05, anyone with a pulse could get a mortgage & now MANY mortgage companies are facing dilemnas. Countrywide is just one of the biggest companies in the country. I am waiting for Sun Trust to hit the news.

HOI scared us enough to not buy along with property taxes. Heck, we could afford the mortgage, just not the HOI or prop taxes

vpcats- you many want to do some research on what would happen to your mortgage if Countrywide went defunk [though that is why B of A bailed em out....Countrywide goes defunk & would the s$#% ever hit the fan!] but at least you would have the knowledge!!
I have a 30 yr traditional and I put my 20% down and have a pretty good interest rate but I sure need to look into what could happen so I am prepared for Plan B.

Yeah, HOI is really making a big dent in everybody's lifes. I pay more in HOI and taxes than on my mortgage.
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Old 08-25-2007, 05:43 PM
 
Location: Living in Paradise
5,702 posts, read 22,220,616 times
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Might want to visit the mortgage forum and see if they have more info.
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Old 08-25-2007, 05:48 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,292 posts, read 14,805,563 times
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Quote:
Originally Posted by sunrico90 View Post
Might want to visit the mortgage forum and see if they have more info.
hummm... yeah... I was parading around there the other day. They sound so complicated.
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