Re: Mobile Home Insurance - Posted by Steve-WA
Posted by Steve-WA on September 03, 2005 at 22:46:31:
that was then; this is now. Nowadays, I still take $100 at closing, but I divide the annual premium by 12 (months), and tack it on to their payment. They send it to me, and I send it to the insurance guy. This keeps them ahead. Actually, I send one check to the insurance guy monthly, along with a list of how it is split up (Smith = $25; Jones = $33; Anderson = $21, and so on . . . )
AND, I have started doing that with taxes too - after a couple of buyers went three years without paying any, and THEN the tax man calls me. So I rant & rave, and all that does is entertain the buyer. I would probably pay it and tack it on to the end of their note - or raise their payment, and keep the term the same. But they would have to sign agreement on a new or revised Note - PITA.
Take a monthly tax payment as an add-on to their note payment, and have the tax bill sent to me. That way, I am sure that their taxes are paid, and the insurance too.