All Forum Posts by: Andy M.

Vince, im with you. I hope this isnt a developing trend. I don't think it is, I think I'm just lucky. :) as for deeding the property back and having a backup deed to record, although creative and I'm sure it would work, it definitely wouldn't be my first choice, and I don't think the insurance problem warrants something that drastic just yet.

I'll be there so I'll come find you.

Angel and Joel, thanks for your responses.

Angel- My insurance agent won't put the borrowers as the main insured (I asked) because he says legally he can't because they are not on title. Do you have an insurance agent/company who will do this? That would definitely solve the problem.

As for staying in touch with the sellers I think that that is generally a good idea. In this specific case I have no idea where they are today. I always get a power of attorney at closing though so I still have that.

James, I'm headed out to Memphis in April and I'd love to link up and hear about the local market from an experienced guy on the ground. What do you say? :)

Interesting article, so Ocwen is at it again. The crazy thing is they have been shown evidence of insurance on the property.

I took this property over 4-5 years ago and I didn't do it in a trust, it is titled in one of my LLC's.

Ocwen was not the original provider so I'm guessing it isnt portfolio.

Just reread the letter, they want "proof of acceptable insurance" in order to cancel their lender placed policy. Maybe I just keep try to ram in through by having my agent talk to someone different. Such a weird situation.

Good question... I'll check that out. Ocwen mentioned it in their letter, basically stating that e property has to be insured (but I meet that requirement. I'll see if I can dig up the language.

I've been doing sub to deals for a while but I have never run into this problem quite like this before. The first mortgage lender (Ocwen) is asking for evidence of insurance and my agent supplied it but the borrowers are listed as additional insured not the insured. Ocwen is not recognizing the policy that I have in place because the borrowers are not the primary insured. Because they are no longer the owners on the deed they can't technically be the insured (according to my insurance agent) due to something called "insurable interest". As of right now Ocwen is forcing me to buy their lender placed insurance policy at a premium of $1000/year because they won't recognize my insurance because the borrowers aren't the primary insured.

I have encounters this problem before and other lenders have been okay with the borrowers being just an additional insured. anyone else ever encountered this problem before? It's getting a little frustrating.

I'm getting in at around 5 Thursday night and I'll be with a buddy who is coming as well. We got a rental car.