Posted by Paul Drummond on January 02, 2001 at 10:00:34:
the insurance company a letter signed by both the note seller and ourselves notifying them that we have purchased the note, asking that they remove the note seller as loss payee and add us as loss payee, and asking that they notify us of any lapse in coverage due to non-payment of premium or cancellation or for any other reason.
We’ve never had a problem with the insurance company cooperating with us.
Hope this helps!
Paul
additionally insured - Posted by Jeff
Posted by Jeff on January 01, 2001 at 19:08:34:
How does a note holder go about getting his name included on the hazard insurance policy as “loss payee”? Does the note holder call the insurance company himself? – or does the insurance company only honor this request when received from the homeowner?
Re: additionally insured - Posted by Ron Ohara
Posted by Ron Ohara on January 02, 2001 at 21:09:31:
There are several ways. One way, you can contact the Insurance Agent directly and inform them that you have just taken an Assignment of the Security Instrument or have just given a new loan to the property owner. You should indicate to the insurance agent as to which position (either 1st or 2nd position) your security instrument is in. Normally, they will ask you for the information in order to include you onto the Insurance Policy and where to mail a copy of the policy.
The second way is, if you have taken as Assignment to the Security Instrument, is to have an assignment letter signed by the original note holder authorizing the change in lien holder (from original lien holder to you) and to cooperate with said new lien holder. You also enclose a letter from yourself to the insurance agent informing him/her how you are to read on the insurance policy, your address and where to forward all future insurance coverage letters.
Always have the property owners name, property address and insurance policy number handy when calling or writing to the insurance agent.
Hope this helps.
Have a happy and prosperous New Year.
Ron Ohara
Capital 500 Funding