Sub2 & POA

[Tom Plyler]

I'm working on a Sub2 deal and have been reading tons of posts here on BP. I know I need a POA but would like an actual example of the specific language some of you use to address the immediate and longer term issues related to this kind of transaction. I would also like to have an example of the letter used to communicate with the existing insurance company. And finally, for those of you who do disclose to the lender (you know who you are) I would like an actual copy of the language used in your communication. I hope to realize the benefits of each of your experience, so I hope to get more than just "use what everyone else uses" because, obviously I wouldn't have needed to post this.

BP seems great for discussionsale about techniques used to structure win-win deals but too often leave out the details necessary to be able to put them in place.

I also know many of you have a tendency to get off track trying to prove who is more right, moral, legal etc. But for the sake of this thread we can hopefully style on topic.

I'm looking forward to all of your replies, questions,  comments & suggestions. 

[Bill Gulley]

May be if you didn't bite the hand trying to feed you, you may have gotten more constructive comments. What planet are you from where they think being rude and insulting is rewarded?

Brandon, you can PM me.

Want a solution? Get a loan servicer involved to administer the Sub-2, they have the proper forms and communicate with lenders, insurance companies, title companies and other involved parties everyday. Problem solved!