Re: Best Ways to Handle Insurance on Subject To Deals? - Posted by Bill Gatten
Posted by Bill Gatten on March 01, 1999 at 14:40:27:
Three things: 1) Have the trust named as co-insured or additional insured (not necessary for coverage, but comforting for you), 2) Be certain that a letter goes to the insurance company, explaing that the the legal owner of the property is now the mortgagor’s trust which trust is remaining in the mortgagor’s (their insured’s) name; and 3) Be certain that the HO (if an SFR) policy is converted to a non-resident owner (Landlord) policy.
PS, Thank you for being one of the select few who figured out that you don’t me to do this for you, and that I’m not trying to sell anybody anything by runing up and down the street screaming about the benefits of this arrangement.