I remortgaged my home with Mortgage Lending Corp. (M.L.C.), which is part of Flagstar bank. We did the loan and the loan officer had promised me that my monthly loan payment with all insurance & taxes was one number, and signed all paper work to this number as my monthly mortgage payment. One month after the loan cleared and I made my first payment, Flagstar bank contacted me and informed me that I canceled my hurricane insurance and if I didn't buy new hurricane insurance they would charge me for it. The point is...I never had hurricane insurance, never canceled it, or let it run out. Now I have received a letter stating that now they are buying hurricane insurance at my expence (at ten times the cost of regular hurricane insurance) and if I fail to pay the additional $312.00 monthly payment, they would ruin my credit rating (which is 782) and after two months forclose on my home.

Is this legal...whats going on here...can banks change your mortgage payment like this and change all signed agreements? Any help would be nice...or advice.