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Review 4/27/2010
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BAC Home Loans is running a scam trying to intimidate customers and illegally force on them flood insurance at 6 times the market going rate.
How do they do it: simple, they send you a letter claiming your residence is in a flood zone (when it's not) and give you 45 days to send them a "letter of exemption from FEMA". Problem is FEMA requires 60 days or more to send the needed document. At 45 days, BAC automatically purchases insurance and you are stuck with it for the life of your loan with a 20% increase on your mortgage. Despite the fact that there are many legal ways to attest that a residence is in a insurance-exempt zone, for example a statement from your city or your home insurance company or an official FEMA map, the scumbags at BAC Home Loans insist on you sending them the FEMA document that is very complicated to get right (there are many variants). BTW, if you do send them any valid justification information, they "conveniently" misplace it so that can still run the clock on you. Even if you are in your right, you cannot get the levied insurance money back unless you sue them (and even then, good luck).
I am currently suing the bastards for fraud, conspiracy to commit fraud, mail fraud (since it's done across states lines), intimidation, duress, harassment, abuse of power, willfully false declarations, violation of Federal Statutes et al and will not stop until the case is won. I am also looking into bringing up a nationwide class action lawsuit against these crooks. And to think we bailed these thieves out with our tax money, it makes you want to throw up.
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