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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: I need help... Posted by Ron M on October 08, 2003 at 6:42 PM In Reply to: I need help... posted by gcastro on October 08, 2003 at 2:19 PM The best thing to do when you have your sellers sign docs is to have them sign a power of attorney for all matters relating to the house. Just another of the many docs they have to sign and I've never encountered any resistance when presenting one. Once you have your power of attorney, in the event of a loss, the insurance co. is gonna either cut a check to the mortgage co. or to the seller. With your POA you can then negotiate the check. You can probably still get a POA from your seller right now. Good luck...Ron : Ward, I bought preforclosure using Title holding trust system...I followed the normal precedure and sent the letter to insurance company, along with a copy of the deed, and certification of trust, just like I learned in your manual. Then, about a month and a half ago, I called the insurance company to make sure that they had done the necessary changes to the policy, so that the property would be covered in the event of a fire, and I found out that they had not made any changes to the policy. It was still under the previous owners name. They told me that they would make the changes, but now, about one month later, they still haven't made any changes, and the agent told me that they couldn't make the change. They said that the previous owner needs to get a new policy for the trustee of the trust (that would be me). What should I do? I have invested a lot of money on this one. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : The best thing to do when you have your sellers sign docs is to have them sign a power of attorney for all matters relating to the house. Just another of the many docs they have to sign and I've never encountered any resistance when presenting one. Once you have your power of attorney, in the event of a loss, the insurance co. is gonna either cut a check to the mortgage co. or to the seller. With your POA you can then negotiate the check. You can probably still get a POA from your seller right now. Good luck...Ron : : : Ward, I bought preforclosure using Title holding trust system...I followed the normal precedure and sent the letter to insurance company, along with a copy of the deed, and certification of trust, just like I learned in your manual. Then, about a month and a half ago, I called the insurance company to make sure that they had done the necessary changes to the policy, so that the property would be covered in the event of a fire, and I found out that they had not made any changes to the policy. It was still under the previous owners name. They told me that they would make the changes, but now, about one month later, they still haven't made any changes, and the agent told me that they couldn't make the change. They said that the previous owner needs to get a new policy for the trustee of the trust (that would be me). What should I do? I have invested a lot of money on this one. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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