Are there stable employers around it?  

If so, you can get title insurance for less than $200 that would find any issues and protect you moving forward. 

My immediate concern however is how this cancellation of insurance will affect my mortgage on my loan.

Is there an ethical way to demand payment or can you chalk up the loss rent on insurance claim?

And if you have an attorney, he should have caught the omission and maybe you can go after his E&O insurance.

Apparently there is what's called the master insurance policy that is supposed to be put into effect first before any secondary or personal insurance can be used.

Insurance agents would be good.

Chase bank recently requested I add this into the listing agreement (LA) I have with the seller:  "SELLER MAY CANCEL THIS AGREEMENT PRIOR TO THE ENDING DATE OF THE LISTING PERIOD WITHOUT ADVANCE NOTICE TO THE BROKER, AND WITHOUT PAYMENT OF A COMMISSION OR ANY OTHER CONSIDERATION IF THE PROPERTY IS CONVEYED TO THE MORTGAGE INSURER OR THE MORTGAGE HOLDER.

Our total mortgage payment is $540/month (tax/insurance) and receive $900 rent.  

If buy and hold a tax deed property, would the title of the property be insurable after 7 years?