Caveat Emptor:  Many state prohibit 3rd party intervention during the foreclosure process - -  having laws against "Buyers of Equity".STRONGLY suggest you consult your state regulations in this matter BEFORE  you attempt to contact the Bank or the current Owner.

If it is an IRA LLC, are you saying that you can control and make decisions without third party approval, paperwork, or fees?

Wholesalers (like me) who find deals/seller often partner with other wholesalers who can provide the other link in the transaction (buying party).

I can sympathize with both parties here, you as the landlord, and your tenant.

We don't mess around and want the best for all parties. 

Technically you don't need an insurance policy, but when you go to sell it to a 3rd party, they will want a warranty deed, owner's policy and/or lender's policy.  

. , you are fine because you contacted underwriting and hopefully received an underwriting memo underlining that they expect coverage to pay out for property and liability even if the LLC is the sole named party in the lawsuit, but as many do not have the ability to contact underwriters directly, they cannot do the same.

(They want to be able to have parties, smoke quasi legal substances, they want to have bbqs and a backyard to call their own etc) Also believe it or not some are still price sensitive (if they don't have an unlimited student loan or bank of mom&dad).My 3 Fanshawe rentals are all in this neighbourhood.

According to the parties involved, the notifications from the mortgage company went out to all parties.

@Kal PaneliyaA contract can be amended before closing with the consent of all parties.