Posted by Bob In Indy on November 20, 2000 at 16:40:48:
We use a document signed by the seller. The document is sent to the insurance company asking them to change the policy to a ‘Landlord Policy’ with $1000 deductable and to the lender notifying them that we will be managing the property and making the payments. This document is signed by the seller and includes his mortgage number, and his social security number and date of birth. Most of the time, the insurance company will not be willing to write a landlord policy, so we end up with our own agent creating a new policy.
This same document contains the notice that we sent to the new insurance company.
When the new policy is in effect, we can ask for a refund from the original insurance company.
Yes, we have a signed and notarized power of attorney.
Glad to help.
We do scads of subject to deals each year. They have become like cookie cutter deals.