| Message |
Author |
|
 Posted: Sat Jul 08, 2006 6:11 am Post subject: Forced Placed Insurance: When is it required? |
|
|
Forced Placed Insurance
Insurance purchased by a bank or creditor on an uninsured debtor's behalf so if the property is damaged, funding is available to repair it. |
|
evan
Moderator
Joined: 01 May 2005
Posts: 1284
179.27 Dollars($)
|
|
| Posted: Fri Mar 16, 2007 12:01 am Post subject: |
|
|
We will be selling a house for $265,000 in August and carrying the loan for the buyers. Can we get forced placed insurance for the balance of the loan if they fail to provide the insurance? thank you Kathi
_________________
Register Now to have your Insurance queries solved. |
|
kathi
Guest
|
|
| Posted: Fri Mar 16, 2007 3:18 am Post subject: |
|
|
If I were you I would look to get your own coverage from an agent. Forced Placed insurance is usually much more expensive than if you were to find your own coverage somewhere else.
Maybe I just read that wrong...If you are carring the loan for the buyers I think you will have to provide the insurance until you close then the buyers will have to get their own insurance prior to closing and they will most likely have to pay an entire year up front and they can do this prior to closing or at closing (some mortgage companies will include it in the mortgage closing costs) Does this make any sense or did I read your question incorrectly?
_________________
~Monique~ |
|
nique1221
Senior member
Joined: 25 Nov 2006
Posts: 300
Location: PA
48.89 Dollars($)
|
|
| Posted: Sun Jun 10, 2007 9:18 pm Post subject: Insurance |
|
|
The buyer is responsible to carry the insurance coveage on the home. You can, however "escrow" the insurance cost in your note to better assure the coveage will remain in place. That is paying the annual premium to the insurance company yourself then recouping the payments from the buyer in thier monthly installments. Same concept the mortgage conpanies use. Also, you need to be named as additional insured or mortgagee to be protected under the policy.
If you want to ever liquidate your note, we have investors willing to give cash for it.
_________________
Register Now to have your Insurance queries solved. |
|
Victor L. Henry
Guest
|
|
| Posted: Tue Apr 29, 2008 7:51 pm Post subject: |
|
|
If your lender has forced placed insurance on your home and you have a tree fall through the roof, the insurance pays for it and who gets the remainder of the insurance money if there is any left? The bank or does it goes back or should you get it?
_________________
Register Now to have your Insurance queries solved. |
|
Lisa Egan
Guest
|
|
| Posted: Wed Apr 30, 2008 6:45 am Post subject: |
|
|
Hey, I don't think an insurer would pay you up till the maximum coverage limit if your damage is of a lesser extent. So, I don't see any reason why a carrier would pay you excess of that!
_________________
Register Now to have your Insurance queries solved. |
|
Plasticmind
Guest
|
|
