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Updated about 16 years ago on . Most recent reply

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Bob Malecki#5 Tax Liens & Mortgage Notes Contributor
  • Investor
  • Kingston, WA
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Subject To question regarding changin insurer

Bob Malecki#5 Tax Liens & Mortgage Notes Contributor
  • Investor
  • Kingston, WA
Posted

I'm doing my first Subject-To deal and have a signed Purchase & Sale agreement. I'm opening escrow today and will be getting a warranty deed at closing.

On another forum, someone said that the lender on the primary note will get a heads-up when I change the property insurer to my insurance company and remove the current sellers, possibly causing a due on sale letter to be sent.

Is this true and if so, any recommendation for this? Is there a process whereby I can keep the sellers's insurance policy in force and change the beneficiary from the seller to me? Any other ideas?

Thanks

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