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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Not so bad this time... Posted by Ward-CA- on January 17, 2004 at 7:44 AM In Reply to: 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 ====================== Kathy, I'd pay the outstanding insurance premium and then start a new foreclosure for immediate reimbursement pursuant to rights accorded you via the Theory of Advances. This way you won't need to look for a new insurance carrier and the homeowner will have to hot foot it again to keep from losing his house to foreclosure. Hope this helps. Follow Ups: 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 : ====================== : Kathy, : I'd pay the outstanding insurance premium and then start a new foreclosure for immediate reimbursement pursuant to rights accorded you via the Theory of Advances. : This way you won't need to look for a new insurance carrier and the homeowner will have to hot foot it again to keep from losing his house to foreclosure. : Hope this helps. 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

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