InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Insurance Woes... Posted by Kathy on January 16, 2004 at 11:44 PM Hello We were foreclosing on a Note - the Trustor and his friend re-instated around Oct 03. One of the conditions of re-instatement was evidence of insurance. Their insurance agent sent a fax of a signed receipt for one year of paid insurance ... we spoke with the agent and he assured us that if there were any problems, that they would contact us. Now the loan is again delinquent so we called to confirm that the policy is in effect - turns out it is not. The guy never paid the money for the insurance, yet the agent signed a receipt in anticipation of receiving payment - even though theagent told us as well as our foreclosing trustee that the policy was paid. How would people deal with this? -We dont want to be too strong for one reason, we have found it nearly impossible to obtain insurance as a mortgagee since we are not on title (even though we have an interest in the property). Thuis if he can get us insurance - we do not want to burn the bridge. Yet if he cannot and basically created the problem by falsely stating that the policy was paid, we feel this is a matter that should not be overlooked. Any suggestions? or referrals for agents that may be able to write such a policy? Thank you This property is in CA Follow Ups: Not so bad this time... Ward-CA- 7:44 AM, 01/17/04 (1) Not So Simple Kathy 10:28 AM, 01/17/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hello : We were foreclosing on a Note - the Trustor and his friend re-instated around Oct 03. : One of the conditions of re-instatement was evidence of insurance. Their insurance agent sent a fax of a signed receipt for one year of paid insurance ... we spoke with the agent and he assured us that if there were any problems, that they would contact us. : Now the loan is again delinquent so we called to confirm that the policy is in effect - turns out it is not. : The guy never paid the money for the insurance, yet the agent signed a receipt in anticipation of receiving payment - even though theagent told us as well as our foreclosing trustee that the policy was paid. : How would people deal with this? -We dont want to be too strong for one reason, we have found it nearly impossible to obtain insurance as a mortgagee since we are not on title (even though we have an interest in the property). Thuis if he can get us insurance - we do not want to burn the bridge. Yet if he cannot and basically created the problem by falsely stating that the policy was paid, we feel this is a matter that should not be overlooked. : Any suggestions? : or referrals for agents that may be able to write such a policy? : Thank you : This property is in CA Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2004, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455