Saturday, December 6, 2014

Citibank Force-Placed Insurance Settlement on CMIMortgageInsuranceSettlement.com

If you are mortgage borrowers of Citibank or subjected to force-placed insurance, you can claim online at CMIMortgageInsuranceSettlement.com to get your part of monetary benefits.

Final approval of Citibank force-placed insurance settlement- in a pair of Flood Settlement Class & the Hazard/Wind Settlement Class, has granted. The class action accused the bank for forcing homeowners to carry excessive flood and hazard coverage and profiting from it. At last, Citibank (mainly) with other defendants agreed to pay more than $115 million refunds and escrow credits to over 400,000 borrowers, whose mortgage loans were serviced by Citibank, and who submit a claim form to get a refund of the force-placed insurance premiums that were charged to them in wrongly manner. If you also charged for incorrect premium, you can claim online at CMIMortgageInsuranceSettlement.com under Citibank Force-Placed Insurance Settlement, and get your money back!!!

CMIMortgageInsuranceSettlement.com: Citibank Force-Placed Insurance Settlement

The lawsuit alleged that Citibank and its force-placed insurance vendors, Assurant, Inc., American Security Insurance Company, and Standard Guaranty Insurance Company violated the legal rights of borrowers who reside in flood zones.

In Flood Settlement Class Action, Citibank and its force-placed insurance vendors were forcing them illegally to carry too much flood insurance coverage for their property and by inappropriately profiting from the force-placement of flood insurance that is necessary for some borrowers in surplus of their not paid principal balance, in breach of borrowers' loan agreements.

In the second, Hazard/Wind Settlement Class action, Citibank violated borrowers’ legal rights by inappropriately profiting from the force-placement of hazard insurance via Assurant Inc., American Security Insurance Company and Standard Guaranty Insurance Company (collectively, “Assurant”), which paid allegedly illegal commissions to Citibank.

To get compensation under the settlement, class members have to submit completed and signed Claim Form, along with Proof of Identity by January 21, 2015. In response to valid claims, class members will recover almost all of the commissions that were paid to Citibank's affiliate on force-placed hazard insurance, also portion of the premiums they paid for flood and wind insurance even if Citibank and its affiliates did not get commission payments in connection with flood and wind insurance.

Who’s Eligible?

For the Flood Settlement Class Action: All persons who were charged by Citibank for lender-placed flood insurance (except such charge was flat cancelled and refunded in full) linked with a mortgage loan, home equity loan or home equity line of credit secured by property in the U.S. from May 17, 2006 to April 2, 2014.

For the Hazard/Wind Settlement Class Action: All persons who were charged by Citibank for lender-placed hazard/wind insurance (except such charge was flat cancelled and refunded in full) linked with a mortgage loan, home equity loan or home equity line of credit secured by property in the U.S. from Jan. 1, 2007 to April 2, 2014. Under the terms, “hazard insurance” refers to insurance against any type of hazards, excluding floods.

Potential Rewards:
Under the terms of the proposed force-placed insurance settlement, Citi has agreed to pay a check or escrow credit equivalent to

(a) 12.5 % of any hazard insurance premiums they were charged from January 1, 2007 to April 2, 2014;
(b) 8 % of any wind insurance premiums they were charged from January 1, 2007 to April 2, 2014; and
(c) 8 % of any flood insurance premiums they were charged from May 17, 2006 to April 2, 2014.

In addition, the settlement offers for important injunctive relief by prohibiting the supposedly improper kickbacks from continuing and by limiting the amount of insurance that Citibank can want borrowers to maintain.

Settlement Website: www.CMIMortgageInsuranceSettlement.com

Claim Form Online:

Claim Form Offline:
Download or print claim form online, and send in mail to
CitiMortgage Claims Administrator,
P.O. Box 43262,
Providence RI 02940-3262
Fax to: 1-866-406-0445
Email to: Admin@CMIMortgageInsuranceSettlement.com

Claim Form Deadline: 01/21/2015
Proof of Purchase: Not Necessary

Case Name:
Gordon Casey, et al. v. Citibank NA, et al., Case No. 5:12-cv-00820 andCeleste Coonan v. Citibank NA, et al., Case No. 1:13-cv-00353, both in the U.S. District Court for the Northern District of New York

Court Documents: All necessary documents
Final Hearing: 8/1/2014

Claims Administrator:
CitiMortgage Claims Administrator
P.O. Box 43262
Providence, RI 02940-3262
Phone: 1-877-346-5223
Fax: 1-866-406-0445
admin@CMIMortgageInsuranceSettlement.com

Class Counsel:
Shanon J. Carson
BERGER & MONTAGUE PC
Kai Richter
NICHOLS KASTER PLLP

Defense Counsel:
Christopher J. Willis
BALLARD SPAHR LLP
Frank Burt
CARLTON FIELDS JORDEN BURT

3 comments:

  1. are we going to be notified about this law suit 1:13-cv-00353 i was apart of this

    ReplyDelete
  2. VALIO LAPENA SEREMOS NOTIFICADOS

    ReplyDelete
  3. Just one more instance where Citi claims they 'did not recieve paperwork'....they admit that they did, indeed, receive a copy of my drivers' license, but state that they did not receive my claim form submission & therefore I will not recive payment. Such a joke!

    ReplyDelete