Posted by Bud Branstetter on June 06, 2000 at 15:57:26:
You should have had the land trust added to the insurance policy. The check will then be made out to the insured and the trustee of the land trust. If you had gotten the power of attorney from the seller you go into your bank and sign his name. Let your bank tell you the form-Steve Carlson, by POA for Mr Seller or just Mr Seller. Look up the seller and have them sign it.
Insurance claims on ?Subject to? house - Posted by Steve Carlson
Posted by Steve Carlson on June 06, 2000 at 14:50:46:
We bought a house Subject to the existing loan and while waiting to sell it a severe hail storm came through and damaged the roof. The insurance guy said that the roof would probably not leak because the roof is asphalt shingles over cedar shingles, but they would pay to repair the roof. Well the problem is that the insurance policy is in the old seller?s name with our land trust as additionally insured. I?ll provide an estimate of the repair costs to the Ins. Co. but how do I get them to cut a check to our company (the beneficiary of the land trust) and avoid the previous seller? Has anybody been in this predicament before? For what it?s worth, I did not get a Power of Attorney signed for this property ? possibly a big mistake.
Looking for Help,
Steve Carlson