All Forum Posts by: Ben Whittaker

Aannnddd I just logged in to upload the above but before I could, got a notification saying they accepted one of the new policies I've submitted previously, with me being the policy holder. Everything's coming up Milhouse!

Thanks everyone for making the effort, it's greatly appreciated!

Good God I'm a moron... while digging through my loan docs in what can be called using an appropriate level effort of my part I came across one particular page that is specifically covers my issue here... I think.

Yeah @Account Closed it's a weird situation that no one person seems to have a full grasp of (myself more than anyone, no judgement). Caroline definitely gets it but I'm sure I'm getting a lot wrong or leaving key bits out which makes it hard. I just went through all my closing docs, which include: general warranty deed, release of lien, deed of trust, loan documents, final note, final HUD and "dinky docs".

I honestly don't feel like the seller is trying to disappear, my emails may have gone to junk mail, and he might not bother picking up an international phone number thinking it's another scam call.

@Mike Hern valiant effort on the Aussie slang. You've done well on that front.

We did use an agent and title and escrow company, and the deed is recorded.

I have actually submitted a new policy with him as additionally insured and my LLC as the policy holder. I had considered putting his name on the policy and myself as additionally insured, but have been getting conflicting reports as to whether or not I alone can make an insurance claim like this, I was told he'd still need to make a claim and the cheque would be made out to him in the event of a claim (which won't work if I can't contact him)

I make one payment to a service company, they keep a little, pay the last owner his bit and the rest goes to the bank. The bank then keeps their bit as well as pay taxes and insurance.

 I dont. The bank does. And if I provide them with my proof of coverage, they ignore it and go buy another policy in his name, and use my money to pay for it.

 Thanks. I've sent him a message 👍

 Bought just on 2 years ago. Approx 100k total spent on foundation work, new section of sewer line under the property and light cosmetic rehab.

Issue I'm currently facing is with the owner finance side of the deal, namely the actual bank who holds the mortgage has to have an insurance policy in the last owners name, even though I have my own policy, they will take MY money and go purchase another policy. They won't talk to me about it because I'm not the authorized person on the account. I can't get in contact with the last owner and bank have told me they will continue to do this every year. So they are essentially throwing away several thousand dollars of my money every year and will continue to do so and there's seemingly nothing I can do about it. 

The service company are actually really good to deal with, they seem to help as best they can. 

is it worth me paying for an extra insurance policy in my name? Eg if the place burns down, I just make a claim with my insurer and go about things as per normal?

An attorney may be the next step, I figured I'd try and do a little homework here first to get a grasp of the whole situation first.