Posted: Fri Mar 16, 2007 12:01 am Post subject: forced place insurance
We will be selling a house for $265,000 in August and carrining the loan for the buyers. Can we get forced place 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.
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~
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.
Posted: Tue Apr 29, 2008 7:51 pm Post subject: Forced Place Inusrance
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.
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.
