Posted by Glenn-OH on May 22, 2000 at 07:58:01:
If you use the PACTrust, it is simple.
- Current owner changes insurance from homeowners to landlord insurance.
- I would use the PACTrust because of stronger protections.
- No, sign the agreement, and start the paperwork. Make sure the mortgage holder knows the amount in arrears is coming within x days,and make sure that they will not accelerate before the closing. Just make sure owner is out before closing, to simplify matters.