Re: Buying Subject To - Posted by WilliamGA
Posted by WilliamGA on January 25, 2001 at 10:06:23:
Rob,
I never have cancelled the old policy. I just change the insurance coverage to my company (State Farm) as trustee of the XYZ Land Trust. The trust is named as the insured with the beneficial interests as they may appear as additional insureds.
Never had a problem yet with any of these so far.
Find Foreclosures In Your Area - HudClips.org - Posted by WilliamGA
Posted by WilliamGA on January 24, 2001 at 22:28:30:
Lots of HUD Docs here.
Enjoy!
Re: Buying Subject To - Posted by GiGi
Posted by GiGi on January 30, 2001 at 17:13:36:
Would the Bank also have to be listed on the
insurance to keep them happy, possibly as
additional insureds?
Re: Buying Subject To - Posted by Rob FL
Posted by Rob FL on January 25, 2001 at 11:45:18:
Okay. Typical scenario here.
Joe Blow is the seller and his insurance (which is escrowed PITI) is with an Allstate (or Metlife, etc.) agent (not your agent). How do you go about transferring into a State Farm policy? You can’t just convert the policy. Can you give me more details? I seem to be misunderstanding something.
Re: Buying Subject To - Posted by WilliamGA
Posted by WilliamGA on January 25, 2001 at 13:12:05:
Rob,
I buy a house from Joe Blow via the land trust method. I am now the trustee with one of my corps as beneficial interest. As trustee, I can make any changes to insurance, etc. as I see fit for the good of the trust and it’s beneficial interests.
I just happen to think it is a good thing to fire Allstate and hire State Farm as the insurance provider for this property. Since the trust agreement gives me the right to make these changes just as if i were the original homeowner, I do so.
Just as if you want to change insurance providers for your personal residence, I change the insurance provider for the trust. The escrow account pays for it. The former insurance company will issue a refund to the escrow and the escrow will send a check to the new company.
If there is anything I have left out, let me know.
WilliamGA
Re: Buying Subject To - Posted by david garcia sc
Posted by david garcia sc on January 25, 2002 at 24:13:34:
Can you be the trustee & the beneficiary of the trustee? How do you become the beneficiar? what docs?
do youi notarize & record that?
Re: Buying Subject To - Posted by Rob FL
Posted by Rob FL on January 25, 2001 at 13:44:32:
That’s what I thought you meant, but just wanted clarification. I have a “subject to” deal coming up in February and wanted to know how to go.
One more thing. Do the banks give you any trouble when you try and cash the refund check since the seller was also on the policy and might get listed on the check?
Re: Buying Subject To - Posted by WilliamGA
Posted by WilliamGA on January 25, 2001 at 19:43:20:
Rob,
Since I am depositing that check into my corp account there has never been an issue yet.
If there ever is, I will just show them the POA that I have that SPECIFICALLY states that the trustee has authorization to “deposit any check or draft associated with said property such as escrow overage or insurance refunds or claim proceeds”.
That should cover it.
WilliamGA