Leading law firms are investigating possible class action lawsuits against title insurance companies for unfair and deceptive business practices and other violations of various state laws. When you purchase a home, or refinance, you pay for closing costs, which include title insurance premiums. In some states, title insurance companies must charge premiums in accordance with their filed rates. The title insurance premiums for a refinance are less than the title insurance company's rates for title insurance on regular mortgage. Generally, refinance rates are available when a homeowner refinances their home within 10 years of the date of closing. Similar lawsuits have already been filed in Connecticut, Michigan, Maryland, New Jersey, Ohio, and Pennsylvania.
These lawsuits allege that Title Insurance companies automatically charge homeowners the standard rate instead of the lower refinance rates when they refinance their home mortgages. This practice is deceptive and many feel it is a violation of consumer rights as well as other state laws.
If you live in Connecticut, New Jersey, Ohio, or Pennsylvania, and you believe you were charged the standard rate for title insurance when you qualified for the refinance rate, you may qualify for damages or remedies that may be awarded in a possible class action or lawsuit.
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