I take full responsibility for this lapse in judgment and the legal consequences that followed.Following my release in 2017, I have demonstrated a strong commitment to positive change.

How can we guarantee that it will be insured and what can we do it it lapses?

Hi Samantha-Here are a few random comments…If your new auto loan payment is lower than what you were paying for the lease, your DTI could improve.The new auto loan/inquiry may initially give your score a momentary hit.Even though your lease is coming to an end, many conventional underwriters may still debt you for an auto payment.

Does their policy lapse and become invalid?

As such, I'd let the "2 years in the last 5 years" rule lapse given the low interest rate I got on the first and how well it is cash flowing.

The only wrinkle with this certificate is the fact the city of Philadelphia, where my construction company is  licensed has to be listed as a certificate holder so that the city is then notified in the event a contractors insurance lapses.

If after appropriate investigation, it appears to such officer that the proceeds from the sale of the property would be insufficient to wholly or partly satisfy the lien of the United States, or that the claim of the United States has been satisfied or by lapse of time or otherwise has become unenforceable, such officer may issue a certificate releasing the property from such lien"Locate the "officer charged with the administration of the laws in respect of which the lien of the United States arises" from the lien (a sample is provided here for the property I was researching - Assistant US Attorney Erin Secord) and contact him/her in advance to find out what information they would require from you if you win the bid.

Surrendering the policy early can result in substantial surrender charges and a loss of the death benefit.Tax Implications: While the policy's cash value grows tax-deferred, policyholders must be cautious of the potential tax consequences of a policy lapse or surrender.

Typically, this would be lenders or mortgagees so that they are notified in the event there is a lapse in coverage or a non-renewal.

Unless you're going to enforce it being carried without cancellation/lapsing, don't bother.