Re: Letters to lender and insurance carrier re ownership change

We follow the usual practice of sending a letter to both our lender(s) and insurance carrier informing them that we've changed the way we hold title to the property, by deeding it to our trust. We include a copy of the recorded transfer deed and also a copy of our notarized Certifiication of Trust as executed by our Trustee.

In most instances we don't get any feedback from the bank nor the insurance company, especially if the trust was titled in the name of the original borrower. In your instance, however, you used the address of the property as the title of your trust. Nothing wrong with that, but most lenders expect to see the title of the trust mimic their borrower's name.

So don't be surprised if they respond back by requesting a copy of your trust.

Hope this helps,

-----Ward

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Hello Ward or Everybody, I just recorded a grant deed from my personal name to my title holding trust (land trust) as
123 main st trust, trustee name here (LA county)..... I am living here, this is my personal property. not investing.
Question is about my fire insurance or general insurance.
1>should call them and let them know that I changed the deed? new loss payee? who, the trustee or just the name of the trust??

2>Should I call my lender (BOFA) and let them know as well?

What else do I need to do or whom to call now???