My lender is requiring that there is a 6-month rider in the homeowners insurance in case the borrower can't pay. Is this regular practice is this a ripoff or junk fee?
The more conservative the lender the more likely they are to stipulate these items-I'd guess this is a bank loan. It is a regular practice for many banks but not other lenders in my experience.
Eric thank you for answering my question. I didn't know this. Yes indeed biggerpockets is a great online community with many knowledgeable members that really helps each other.