Consumer complaint received 2020-02-26
Company: M&T BANK CORPORATION
State: FL
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Trouble during payment process

Complaint:
FORCED PROPERTY INSURANCE - CURRENT PRESSING PROBLEM In XX/XX/XXXX M & T Bank/Mortgage retroactively Forced Placed a {$16000.00} Insurance Policy on our property for the previous year of ( XX/XX/XXXX ). Which is ( directly and indirectly ) M & T Banks fault because over recent years we are subjected to this geographical Redlining and Refinancing restriction with M & T Bank ( i.e. New York, New Jersey, Connecticut, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, and Washington, D ] are the only states M & T Bank/Mortgage accept financing or refinancing of Commercial Properties. And that is after M & T bank/mortgage purchased our property from our original mortgage company ( i.e XXXX XXXX dba XXXX via XXXX XXXX  ). 
And we were financially struggling and spending our own personal money ( thousands of dollars ) trying to repair an aged and worn roof to past an insurance inspection. Which took ( 3/4 of the year ) because we had to schedule repairs for the roof based on when we saved enough of our own money to pay for it step by step. This cost us an enormous amount of time and money we didnt have. In addition, there were other costly property upkeep repairs. ( See attached receipt copies of roofing company repair costs ). 
We realize that M & T Bank/Mortgage has cost us a tremendous amount of ( Financial Ruin, Financial Embarrassment, and Cost us our dignity as property owners because we had to receive phone calls from tenants reference leaking roofs and as we scrape together money to fix one or few leaks then came another to fix and pay for. Because there was not enough money available to have the property re-roofed. 
Presently, we have to sit and feel pressured by our insurance company ( awaiting repair verification requests on the roof ) to maintain the insurance. When our mortgage company ( M & T Bank/Mortgage ) is causing the problem and part of the problem. This it is serious, and a serious financial burden for property owners if insurance is not maintained. ( i.e. {$16000.00} of Expensive Forced Placed Insurance by M & T Bank/Mortgage when it was the banks fault ). The bank could have eliminated this costly problem off our backs a few years ago when we requested refinancing for this same type problem. 
Also, presently, our insurance company is requesting we pass a [ Licensed Contractors Roof Inspection ]. We have spent thousands already Fix/Patching it ) it requires a ( re-roofing of the property ) to pass this type of roof inspection. ( See attached Insurance Letter ). 
That ( {$16000.00} Forced Placed Insurance ) caused our mortgage payments to go up an additional {$500.00} a month. There is a lot of hard and costly work that has to be done to raise tenants rent {$500.00}. So this is very costly for a property owner. 
WHAT IS NEEDED TO FIX THE PROBLEM M & T Bank/Mortgage should replace the ( {$16000.00} ) Forced Insurance cost it took out of our Escrow Account because they are Directly and Indirectly to blame for our not being able to obtain Property Insurance ( expediently ) by Redlining and Geographically Restricting Refinancing of our Small Commercial Residential Property to certain GEOGRAPHICAL outline of SELECTED STATES ( i.e. New York, New Jersey, Connecticut, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, and Washington, D ). Eventhough M & T Mortgage/Bank purchased our mortgage knowing we own property in [ Florida ] outside that commercial geographical financing/refinancing outline that the bank created. 
Note : It has been approximately ( 15 years ) that these financial institutions would not allow us refinancing. [ As a reminder, they work interchangeably as Servicers/Financial Banking Lenders ] We need M & T Mortgage to come up with some type of ( immediate assistance ) for us to re-roof this property immediately so we can maintain insurance. And keep rain from coming in the tenants apartments. Especially based on the financial position we have been placed in regarding the property by M & T Bank and XXXX XXXX. The roofing companys proposal is for approximately ( {$36000.00} ). ( See attached Roofing Proposal from the roofing company ). 
Since M & T Mortgage/Bank Forced Placed a ( {$16000.00} ) Insurance Policy on the property for ( XX/XX/XXXX ) the same year the propertys roof was continuously leaking and we had to continuously spend thousands of dollars to Patch Fix it, because it needed replacing. The bank should consider utilizing that ( {$16000.00} ) Insurance Policy to Replace the Propertys roof. The policy appears to have the coverage for it ( water coming in from the roof ) ( for {$16000.00} it should have ). 
An additional problem I was subjected to by ( M & T Mortgage Insurance Department ) between [ XX/XX/XXXX and XX/XX/XXXX ] whereby the M & T Insurance Department paid [ the property insurance company ] two ( 2 ) Yearly insurance Premium Payments instead of one out of our escrow account. After pushing ( M & T ) approximately a month to get the money back, there is approximately {$700.00} still missing. M & T Bank ( Insurance Department ) needs to replace that money back in our Escrow Account.

Also, M & T Insurance Call Center employees appeared not qualified to handle such sensitive area of property owners money of approximately ( {$10000.00} to $ XXXXs ) of  dollars of escrow money. The bank needs to assess that department. 
XXXX XXXX & XXXX XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX ( XXXX ) XXXX Affiliated Companies/Financial Institutions : XXXX XXXX XXXX , XXXX Customer Support Department XXXX XXXX XXXX  XXXX XXXX, XXXX XXXX  XXXX XXXX, FL XXXX ( XXXX ) XXXX https : XXXXXXXX Loan Owner : XXXX XXXX XXXX XXXX XXXX as Trustee XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX , XXXX XXXX XXXX  , NY XXXX Phone :  XXXX M & T BANK XXXX . XXXX XXXX XXXX, NY XXXX XXXX https : //www.mtb.com/XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief