Insurance On Subject To Deal - Posted by BigHarold

Real Estate Investing
1

Posted by dutch on April 06, 2006 at 12:40:41:

I would just buy a new Landlord policy with the trust as the additional payee, have your agent submit it with a cancellation notice to the lender for the current policy.

Dutch

2

Insurance On Subject To Deal - Posted by BigHarold

Posted by BigHarold on April 06, 2006 at 09:49:16:

Hello,

I know this topic has been covered here extensively, but I have a wrinkle I need cleared up: I’m taking over a property subject-to the existing mortgages, by having the owners transfer it to a trust. I know I change the names on the insurance policy to the trustee, but the owners told me the policy has lapsed. How do I get a new insurance policy? Do I need to include the current owners on it, as they don’t have insurance now? Any help would, as always, be greatly appreciated.

Harold Wilson
Real Estate Wholesaler

3

Re: Insurance On Subject To Deal - Posted by Jamie_LV

Posted by Jamie_LV on April 06, 2006 at 18:21:36:

Try asking this at www. Sub2Dea ls.com

4

Re: Insurance On Subject To Deal - Posted by Steve(TX)

Posted by Steve(TX) on April 06, 2006 at 10:18:04:

Uaually, if a homeowner lets an insurance policy lapse, the lender will enforce a new policy using their own insurance company and start billing the homeowner (at ungodly rates). Not sure if the homeowner just recently let it lapse and the lender hasn’t been notified yet, or if the lender has already put their own policy in place and the homeowner hasn’t told you (and is behind on the payments on that as well).

5

Re: Insurance On Subject To Deal - Posted by BigHarold

Posted by BigHarold on April 06, 2006 at 10:31:33:

Yeah, I’m not sure if the lender has put on a new insurance policy. Would it be safe to contact them and ask, as I would really rather have as little dealings with the bank at this time as I can. I was just hoping to send them the check to catch it up, and move on from there, just sending them the payment every month. What’s the smooth way to ask them without alerting them to the transfer? Thanks in advance.

Harold Wilson
Real Estate Wholesaler