It would be the same as if you died. The property would be handled though a living will or probate. Ya know you worry alot.
Stop worrying!! The chances of this this guy turning up dead is the same as yours.
If the guy died you would probably be in a bad position, Maybe you should ask the investor to put the house in his will for you.
????? Does the guy have and entity? LLC, Corp???
Place a deed in escrow with instructions to the effect the if he dies the deed reverts to you after 30 days of non payment on the underlying contract...
[addsig]
thanks for the responses==my question was a WHAT IF question, i always have these silly questions. I just talked to him today though...everything is cool and payment has been paid.
ur right----and im not doing sub 2 ever again...and i do worry too much. Im done posting though---i do like this site tho---its very informational. Thanks for all the responses.[ Edited by blueboy7882 on Date 05/10/2005 ]
ok so i read the article and i must say that it does make sense. but do you go on and cancel the original insurance policy. will the bank not care that the new polisy is in a different name with the previous owner being secondary?
You should have the prior owner cancel the policy as it is no longer valid, anyway. By naming the prior owner as "Additional Insured", you usually quell the concerns of the mortgage company...
It would be the same as if you died. The property would be handled though a living will or probate. Ya know you worry alot.
Stop worrying!! The chances of this this guy turning up dead is the same as yours.
[ Edited by blueboy7882 on Date 01/21/2006 ]
LOL!!! Good one.
If the guy died you would probably be in a bad position, Maybe you should ask the investor to put the house in his will for you.
????? Does the guy have and entity? LLC, Corp???
[ Edited by blueboy7882 on Date 01/21/2006 ]
Place a deed in escrow with instructions to the effect the if he dies the deed reverts to you after 30 days of non payment on the underlying contract...
[addsig]
[ Edited by blueboy7882 on Date 01/21/2006 ]
[ Edited by blueboy7882 on Date 01/21/2006 ]
You seriously doubt he died? I would to if I could call him up and talked to me.
That was supposed to be " and HE talked to me"
thanks for the responses==my question was a WHAT IF question, i always have these silly questions. I just talked to him today though...everything is cool and payment has been paid.
ur right----and im not doing sub 2 ever again...and i do worry too much. Im done posting though---i do like this site tho---its very informational. Thanks for all the responses.[ Edited by blueboy7882 on Date 05/10/2005 ]
Hi Jason,
Check out this article.
http://www.thecreativeinvestor.com/modules.php?name=Articles&file=article&articleid=472
Best regards,
Tim
ok so i read the article and i must say that it does make sense. but do you go on and cancel the original insurance policy. will the bank not care that the new polisy is in a different name with the previous owner being secondary?
Kimesha,
You should have the prior owner cancel the policy as it is no longer valid, anyway. By naming the prior owner as "Additional Insured", you usually quell the concerns of the mortgage company...
Hope this helps,
Tim[ Edited by norrist on Date 05/10/2005 ]