Problem with buyer of my first owner financed buyer & fire insura

[Linda Kimbell]

Hi, I’m brand new to owner financing. I sold a property where I am the successor trustee. I have a standard Dot & a PN. Unfortunately I didn’t have a lawyer look anything over prior to the sale & just listened to my realtor. It was assigned immediately while in escrow. Now I have an owner who has had had 2 fire insurance cancellations. It’s a commercial property with 1947 year old house/garage/workshop & she’s saying she lives there but doesn’t. This insurance policy cancels October 12, 2018. I sent her a certified letter yesterday saying to avoid foreclosure or any other action she must provide proof of insurance on or before October 12 & if not renewed I have no alternative but to FP a policy. Is this the correct thing to do? If she doesn’t provide insurance & I don’t think she will do I send her a bill for the insurance & then can I foreclose. Thanks so much for any advice