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Updated almost 16 years ago,
Bob MaleckiPoster#4 Tax Liens & Mortgage Notes Contributor
- Investor
- Kingston, WA
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Subject To question regarding changin insurer
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