Insurance Help
I found a guy who needs $1200 to move on and understands and is willing to deed me the property, FMV of $90000 with a current loan balance of $77000. (He is relocating at end of month) I have talked to two insurance providers and they tell me that they haven't insured a property before where the loan remains in the previous owner's name. They say that the loan needs to be in my name...?. Any suggestions to tell them or should I keep on searching and hope to find one who will work with me.
the loan should have nothing to do with it... as long as you are the owner get insured... all they ask who needs to be insured...in this case you and the mortgage company of record...
I believe that there is an article on this site about getting insurance for a subject to.
Brenda
Hope this helps:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=472
Tim
Hope this helps:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=472
Tim