Need To Subject To Property Near Ann Arbor Michigan
I have a church member recently re-located to NC. He is current with his payments an open to subject to.
Any investors nerby to Ann Arbor?
Do not know any additional information at this time.
Need much more info to determine if this is worth looking at. What is the payoff, rate, payment, FMV?
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What I meant was...PM me! : )
How would the mortgage company handle this when taxes and insurance are included in the monthly payment?
Would they want to collect a years worth up front again and adjust the monthly payment?
Do NOT maintain the original insurance under the sellers name. The insurance company will fight the any claims and you will have an extremely difficult time collecting should a loss occur. Even if the insurance were to cut a check, it is highly unlikely the seller, now long gone and still bitter over losing his house, will simply sign over any proceeds or endorse a check.
Regardless of how many corrections you have already submitted to the insurance, the loss payee is still not right and it MUST be corrected to obtain coverage in case of loss. Which is the reason for having insurance in the first place. If the DOS clause is triggered then so be it. You will have to cross that bridge when you get to it, if at all. But you should not be exposed without insurance because of the fear of triggering the DOS.
You need to find a good insurance agent!
You can put Quit Claim to your name, finance the property, then Quit Claim back to LLC. If your state uses Land Trusts you should consider that as well.
Mark Warda is a local RE attorney that has written books about Land Trusts but most pertain to Florida Land Trusts. It is a good way to start but definitely do your research about using them in your state.