I’m not sure if my last message got through, so I will recap:
You can simply add your name to the policy without having to change it over. The insurance company does not notify the lenders if a name is added to the policy. To cover yourself in case of a fire etc., have a seperate contract ( make sure it is notorized )stating that you will collect all of the insurance payout ( not the original owner ).
This should get you around the insurance problem. Hope that helps !
Got my first preforeclosure on a big beautiful house! Now I need to know how I get the insurance out of ex-owner’s name and to me or my company without the bank finding out about the transfer, when their escrow acct pays the insurance? Thanks in advance!
Re: Getting Insurance changed w/o bank knowing of transfer? - Posted by Bill Gatten
Posted by Bill Gatten on April 30, 1999 at 13:37:36:
Debbie,
Bud already said it. Learn land trusts and this problem goes away. Bill Bronchik’s Course is my recommendation… there could be other good ones out there too; but for the concept of using land trusts per se, Bill’s is one of the best.
The “contract” we get is a limited power of attorney to cash escrow or insurance checks for the homeowner. The former owners name will be on any large check for a claim.
You should also learn how to take title in a land trust so that your dealings are obscured.