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15 JanHow to Insure Properties Taken ‘Subject To’ the Existing Loan
Prior to the late 1980’s, mortgages were written differently than they are today and investors and homeowner’s purchasing new property commonly used the ‘Subject To’ method of assuming the seller’s underlying loan as a main-stream and accepted purchasing method. However, after the Savings and Loan debacle, and the subsequent removal of popular NENQ (Non-Escalating Non-Qualifying) loans, the method of using ‘Subject-To’ financing was swiftly brought to an end. That said, however, with the new ‘credit crunch’, the record-high number of foreclosures, a declining housing market, and the recent changes in loan programs; investors are locating bargains and, although technically not allowed, the ‘Subject-To’ method is again alive and doing very well.
Read More ...15 JanDwelling Policies vs. Builder’s Risk
Not all houses are created equal – and neither are insurance policies. If you are an investor and you have ever purchased a rehab property using only ‘builder’s risk’ insurance – you’d better continue reading. Few people, including investors and full-time real estate professionals, have any real understanding of what property insurance is, the various coverages used, endorsements, and, most important, exclusions.
Read More ...14 JanInsuring Vacant and Actively For-Sale Properties
To get right to the point, there is no one-size-fits-all policy and properties which are either vacant or held for sale at the time an insurance policy is applied for cannot be written with a standard-market insurance carrier and they require different types of coverages.
Read More ...14 JanInsuring Short-Term & Vacation Rentals
Are you an investor who owns short-term vacation or rental property? Or, are you a homeowner with a nice home located near an area of interest that you lease out periodically for vacationers or weekend travelers looking for a three-day getaway? If so, this question is for you: What’s the difference between a rental home occupied by a full time tenant and another home occupied by multiple tenants, each for a short period of time?
Read More ...13 JanHow Lenders Commonly Violate State Insurance Law
While lenders may understand the ‘ins and outs’ of loan-to-value ratios, mortgage structures, amortization schedules, and everything else associated with the ‘money’ part of a mortgage loan, they know absolutely nothing about insurance, yet that doesn’t stop them from creating ridiculous requirements which violate state law and then demand that the borrower meet these requirements in order to get the loan. This is wrong.
Read More ...08 JanUndertstanding Your Insurance Score
Your insurance score is a snapshot of your specific ‘insurance risk’ at a particular point in time – but it is important to know that it is not the same thing as your credit (FICO) score, although they are similar in nature.
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