When a Galveston woman couldn't get her mortgage company to pay the flood insurance on her beachfront property, she Turned to Ted.
GALVESTON, Texas -- After years of living in the frigid Midwest, Kim Yaklic and her husband are enjoying spending time these days on the shores of Galveston.Still, Yaklic said when she moved to a beachfront property a few years ago, she knew she needed flood insurance. In fact, she said she maxed out all the different insurance options - windstorm, flood and homeowners - just to be safe.
The funds in the escrow account are the Yaklics and the mortgage company is supposed to make sure all of the couple's home-related insurance and taxes are paid on time. "I kept calling and everybody promised me that it was going to be paid, it's in the system. They're going to cut a check and it would be overnighted to make it in time. It was not," Yaklic said.
We reached out to PennyMac on May 4 and two days later Yaklic said she got a call from the company, who finally paid the flood insurance.PennyMac told us the payment wasn't submitted on time due to a processing error. "I don't want anybody else to get caught with no insurance because it could be devastating, especially with hurricane season approaching," she said.
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