Advanta (American Bankers Life Assurance Co. of Florida) has refused to honor mortgage insurance issued to my parents. The mortgage company when notified of parents death foreclosed on the property rather than notify family of mortgage insurance. Removing property from foreclosure, family continued to pay off loan, until a document was located stating that there was a mortgage insurance in place. When Chase Mortgage was notified that the family was aware of the insurance and that family had verified the existence of this insurance through an employee at Chase - Chase representative said documents get buried.
They removed the escrow from the house (two years of taxes) and sent an investor to try to purchase the house for $15, 000. When family filed for the insurance the company said they would not honor the request without a policy. The family presented the authorization form that was supposed to represent the policy and the company continuously refused it. Meanwhile, the home was auctioned for the two years of taxes and every lawyer instead of following up on it has advised the family to sell their house ($6, 000 owed) so they can get paid a commission. Meanwhile Chase Mortgage sells the mortgage to another company who is harassing the family for the remaining debt.