Consumer complaint received 2025-03-17 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: CADENCE BANK
State: AL

Complaint narrative:
In XXXX of XXXX, my husband and I did some insurance shopping to look at the possibility of better coverage and better rates. We switched FROM XXXX to XXXX on XX/XX/2024. Due to complications and personal issues with XXXX, we opted to cancel with XXXX and switch back to XXXX for our home ( and auto ) insurance. Our cancellation with XXXX and our new XXXX policy went into effect on XX/XX/2024 per the policy dates ( however we were told by underwriting that it technically started on XX/XX/2024 ). We kept our mortgage holder, Cadence Bank, informed the entire process of this switch and constantly spoke with individuals both over the phone that were not local along with individuals from our local branch in XXXX, XXXX. During this communication ensuring we had all necessary information for XXXX to send the declaration of our new insurance and cost to our mortgage holder, Cadence Bank, we were ensured by those at Cadence that all was correct and taken care of. Around mid XXXX, XXXX, my husband, XXXX XXXX XXXX, and myself were checking our ID Cards for our auto insurance on our XXXX XXXX app, when I saw a notice that our home policy was terminated effective XX/XX/2024. Upon this discovery, we immediately contacted XXXX to inquire of why our policy had been terminated. The agent we spoke with at XXXX was extremely thorough and found out the reasoning behind the termination was because they never received payment for our policy from our mortgage holder ( as we have all included in our escrow ). Once we realized that we currently had no insurance on our home, especially being in the south during hurricane season, we immediately acted and spoke with the female agent to get a new policy quoted and started to reflect our same coverage options as previously selected. The agent notified us that we had a negative balance of {$450.00} due to the period of XXXX - XXXX that our home policy remained active without payment, and that their system would not let her bypass the amount due in order to get a new policy started. We HAD to pay this balance in full before we could begin a new policy, and we knew both logically and legally we needed to be insured ASAP, and clearly our mortgage holder, after multiple attempts from XXXX, did not send payment for months. I personally paid the {$450.00} on my credit card, to allow us to start our new policy immediately. This has lead us to the now XXXX  months of unproductive and, quite frankly evasive, circles of conversations with Cadence Bank along with their third party insurance company, XXXX XXXX XXXX XXXX ) XXXX. The only " Refund '' that has been given to us is from XXXX XXXX to make up in the total price increase from our initial policy, to the new one, as they TOOK OWNERSHIP that this issue was their mistake and oversight. However, we have been requesting reimbursement for the {$450.00} from either Cadence or XXXX XXXX as that money was never supposed to come out of our pockets nor was credited to our escrow account as it should have been. In the attached documentation is proof of the terminated policy, the negative balance, the attempts from XXXX to reach and request payment from Cadence, and all documented conversations that took place via email, while numerous conversations happened over the phone, hopefully on recorded line that you can request.

Company response to consumer: Closed with monetary relief