many people thier houses will be covered by insurance company
If the lender has compelled insurance on a loan does it cover you if you get stopped?
NO, NO, and NO. It ONLY covers the LENDER for the amount owing oon your loan. if you would be nice enough to TOTAL the car, the lender would be blessed. Good Luck and BE SAFE
What will happen if you do not have insurance on your car and the lender is about to repossess it?
If not having ins. puts you in default of the contract, that may be why they are going to repo the car. lenders insist that the collateral be covered by ins. to protect them, not you..
What is the difference inbetween standard title insurance and advantage title insurance for home buyers?
“Advantage” title insurance sounds like a product of a particular Underwriting company..
It is not a TYPE of title insurance. Many Underwriters have a “premium” Policy available to consumers that has extra benefits over the standard insurance..
Ask your title agent for a side-by-side comparison of the two policies..
How do you find out who the lenders are on a vacant home?
This should be public record, found at the courthouse. Very first you would need to find the owners. That information is available through your local Tax Appraisal District, which usually has a website. You would have to find out from the proprietor who the lender is.
If you recently refinanced a California home and paid title insurance on the house two years ago should the fresh lender charge title insurance?
Title Insurance When RefinancingYes, it’s a standard requirement and closing cost. No matter how many times you refinance you will have to pay title insurance everytime and a title search. It protects you and your home ownership rights as well as protecting the bank and letting them know that you actually own the home and if there are any other liens on the home that may need to be paid off or that may interfere with their lien position. I explain it to my clients as plain as this… you pay for car insurance every year and in most cases your car insurance is more than the title insurance… but which is worth more to you, your home or your car? Addendum to : ; Actually, the reason you are required to buy aMortgage Policywhen you refi is because you are buying fresh coverage for the fresh lender. When you bought your home, you took out Two policies: 1 covering you for as long as you own the property (Possessor/Fee Policy) and 1 covering the lender doing the initial purchase mortgage (Mortgage Policy). The Mortgage Policy is only good for the life of the loan. So once a loan is paid off, the coverage expires since it covered the LENDER’S interest and the loan amt. When a fresh loan is obtained, a fresh policy is issued covering that loan only. So, when you refinance a home, the reason you are required to buy a fresh Mortgage Policy is because you are getting a fresh loan and the lender requires the insurance as part of their underwriting conditions to make sure their interests are protected. The loan policy does not cover you in any way, only the lender. Your Possessor’S POLICY, a one time fee when you purchased your home, covers you for as long as you own the property. Hope that makes the issue a little clearer. : When refinancing, you most likely already have in your possession an owners title insurance policy from when you purchased your home. Now you are refinancing and you should not have to pay the total premium on the fresh lenders policy if you present the title company treating the refinance a copy of that owners title policy. They are obligated , depending on the department of insurance rules pertaining to reissue credit in that state and the amount of time you possessed the hometo give you what is call a reinsurance or reissue rate on this fresh lenders policy . Don’t get ripped off, make sure you ask about reissue credit! Also, if you are refinancing with the same lender on the same property for which you already have a mortgage, you may be able to obtain an even fatter credit. After all, they are basically copying most of the existing title policy and all but latest history on the property has already been insured. You also do not have to use the same title company that issued your owners title policy in order to get a reissue credit. This is the another very good reason to compare companies, title insurance rates, and title insurance related fees before you go to closing and another reason topick your own title insurance agentlong before you incur any fees whatsoever!
If you have a home loan without mortgage insurance can the lender request payment from your estate or heirs if you pass away?
Yes. The mortgage note is still a legally cording contract enforceable on the estate.
What does the lender do when a financed car is totaled and there is no insurance?
Sue the proprietor of the car, since the holder was likely required to carry insurance as part of the financing deal.
The bank lender can solicit that the home insurance policy must be greater?
Absolutely, they must feel secure in the fact that should the dwelling suffer a total loss, they will recoup their money.
What lender will mortgage an underground home?
Most lenders will loan money on homes that may not have a truemarket. Some extreme lenders or venture capitalists may lend moneyin these situations.
Can lenders sue you for home abandonment in Florida?
how can they sue you if you have nothing ?? they have a lot more worries right now.
and if the lenders didnt want to work with the homeowner to help solve the problems then they get what they deserve….. a house they cant sell
Do boat lenders require insurance?
Yes, at the very least liability coverage, because they technically own the boat with you. Any damages that you inflict on someone’s property or assets they share responsibility for.
What are laws for returning motor home to lender?
When you finance or lease a vehicle, your creditor holds significant rights on the vehicle until you’ve made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car..
Talking with Your CreditorIt is lighter to attempt to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you’ll be late with a payment. Many creditors will work with you if they believe you’ll be able to pay soon, even if slightly late..
Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may deny to accept late payments or make other switches in your contract and may request that you comeback the car. By voluntarily agreeing to a repossession, you may reduce your creditor’s expenses, which you would be responsible for paying..
Recall that even if you come back the car voluntarily, you’re responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report..
Seizing the CarIn many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a “default.” In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are permitted on your property to seize your car without letting you know in advance..
But creditors aren’t usually permitted to “breach the peace” in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace..
Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property..
A creditor usually can’t keep or sell any private property found inwards. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can’t account for articles left in your car, talk to an attorney about whether your state offers a right to compensation..
Selling the CarOnce your creditor has repossessed your car, they may determine to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold..
In either of these circumstances, you may be entitled to buy back the vehicle by paying the utter amount you owe, plus any expenses connected with its repossession (such as storage and prep for sale)..
In some states, the law permits you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession..
The creditor must sell a repossessed car in a “commercially reasonable manner” – according to standard custom-made in a particular business or an established market. The sale price might not be the highest possible price – or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable..
Paying the DeficiencyA deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $Two,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing..
In most states, a creditor who has followed the decent procedures for repossession and sale is permitted to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract..
Depending on your state’s law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only chance to present any legal defense..
If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment..
Reminisce this repossession will stay on your credit for 7 years.
How much does a lender charge for insurance?
The amount of insurance you will pay depends on a multitude offactors. The lender will look at your driving history, creditscore, and area you live in to determine your rate.
If you are unemployed drawing unemployment insurance and your vehicle is repossessed can the lender go after home and property you own in order to receive the balance of the vehicle?
NO! Not without a court order granting them that act. Taking anything that was not covered in the contract would be conversion.
Can a person claim Lender-Placed Insurance on their home on their income tax?
If you are talking about PMI (Private Mortgage Insurance for those who put less than 20% down on their purchase), that should be deductible if the mortgage originated in 2007 or later. If you are talking about homeowner’s insurance (fire, burglary, liability), that is never deductible for your individual residence no matter who placed it. If it is a business or investment property, it would be deductible like any other business/investment expense.
Why would a lender pay the homeowner insurance?
Actually, the home proprietor pays the home holder’s insurance. The lender has an escrow account. This is in extra to the payment of interest and repayment of principal. The escrow account pays the taxes and insurance. The escrow account pays the taxes so the government does not seize the property. The homeowners insurance pays in case the house burns down. So, you pay into the escrow account, and if your house burns down, the lender gets the insurance money. You would not pay a mortgage on a burned down house and the bank knows that, so they have you pay into the escrow account and they pay for the insurance.
What title policy insures title to the lender?
Lender Policy When taking out title insurance, usually for a minimal fee you would obtain a simultaneous policy…So that you and your lender would be covered. It is significant to have an owners policy covering the value in the home above the lender so that your interests are covered as well.
What lenders will give a mortgage on a mobile home?
Many will. -Easiest way to find out is by a LOCAL realtor who deals in Mobile Homes.
What type of title insurance is requested by lenders?
A Lender will require a Lenders Title Insurance policy if they are extending credit on a property. The Lenders title insurance policy is based off of the Loan amount that the borrower receives. It will only protect the lenders interest in the property if a problem arises on title.
How much flood insurance can a lender require?
As much as they want. Usually, enough to cover the rebuild cost or loan…whichever is greater.
Is Lender-Paid Private Mortgage Insurance part of APR?
Just think about it……..! If the borrower paid the MI premium, and the resulting APRincreased in order to reflect the true cost of credit, then it nolonger matters which party makes the payment because the premium inand of itself is the cause of the increase in APR. Recall that the lender paid MI is an insurance policy purchasedin order help the lender ensure a certain minimum recovery rate,thereby enabling the lender to loan monies at a rate of interestnormally attributable to transaction with relatively less risk;therefore, the MI, irrespective of type and payment origination, isin effect no different than charging points.
What do lenders do on a car loan with no car insurance?
The very first thing that they will do is to put compelled place coverage on the vehicle. This is a very expensive type of insurance that only protects the banks interest and only pays the bank. The premiums are added to your account and you are responsible for paying for the insurance. This insurance only provides physical harm coverage and will not pay for harm to your property or anyone Else’s. It does not provide liability and does not meet the state requirement to permit it to be driven on the street. The 2nd thing they will do is to repossess the vehicle because you have violated the contract that you signed with the lender to keep the required coverage on the vehicle. Oh yes, and the cost of impounding and storing the vehicle after it has been repossessed will also be charged to your account.
What is force-placed or lender-placed insurance?
A Bank or Mortgage company requires that the borrower maintain “hazard” insurance and list them as an extra insured. The “hazard” insurance is a homeowners or dwelling fire policy. If they do not receive proof of insurance coverage or if they receive a cancellation from the insurance carrier they will secure coverage on your behalf to “protect their interest” . This policy is usually a Fire Policy that Only covers the Bldg for the amount of the loan. It will not provide coverage for individual property or liability. The premium is high and they will simply increase the mtge payment to escrow the payment for this policy.
Which type of title insurance is usually requested by lenders?
Usually a lender will only request a basic Lender title insurance policy. While there is an enhanced lenders policy, the lender usually only requires a basic policy for there protection. The Loan policy is usually based on the dollar amount of your loan. This policy only protects the lender interest in the property if problems arise on title. Because the Lenders policy only protects the lender up to the loan amount that is taken, it is a good idea to look into getting an owners policy to protect the buyer of the property, this policy is based on the purchase price of the property, and will help protect the equity that is built over time.
What are the advantages of high rate of inflation for mortgage lenders?
There aren’t. It means they’re being paid back with money that’s worth much less than the money they originally lent.
Can your mortgage lender sell you a home they own?
Yes. Lenders sell homes they have taken by foreclosure or acquired by deed. Yes. Lenders sell homes they have taken by foreclosure or acquired by deed. Yes. Lenders sell homes they have taken by foreclosure or acquired by deed. Yes. Lenders sell homes they have taken by foreclosure or acquired by deed.
What is one advantage and one disadvantage of a money lender?
to me the disadvantages is that the person you gave money to may not pay back
What advantages are there to becoming a hard money lenders?
You would make a lot of money because the interest would be very high since they lend a lot of cash and the interest is high so that people are encouraged to pay back right away.
What are some lenders that suggest home loans?
I heard Ditech offers low mortgage rates on purchase or refinance home loans, your payments won’t switch after you refinance or buy a home, no matter how much rates fluctuate.
Are online home lenders as reliable as using a local mortgage lender?
It truly depends on the company you choose to go with. Check with local mortgage lenders to see what options are available to you and also check the online home-lenders to see how others have fared with them.
What home lenders are the most reliable?
Your local bank often gives the best home loans. They may charge you lower interest rates than nationwide companies, and they will also suggest you more private and caring service.
What are the advantages of home insurance for the borrower?
Home Insurance is form of risk transference. For a stated premium you transfer the risk of loss for the specified covered perils to another party. Namely, the Insurance Company. Suppose you have no home insurance, and you have a kitchen fire that grows into a total loss of your home. You would be left with a pile of ashes that you can not live in and still owing thousands of dollars to a mortgage company for a home that no longer exists. So long as you have the suitable coverage your insurer would cover your losses and provide funds to repair or even substitute you home if necessary. Additionally most Home Mortgage companies require as a part of your home mortgage contract that you maintain a home hazard insurance policy to protect you and the mortgage company from just this type of loss.
Can lenders foreclose on mobile homes?
Yes, they certainly can. Best way to deal with this is to negotiate a settlement with them. You can often come to terms that stall foreclosure and maybe prevent it.
Does the lender get mortgage insurance to cover the loan and you get the homeowners?
No, that’s not how it works. Mortgage insurance is to cover you defaulting on the loan, and you’re expected to pay it. Homeowner’s insurance covers the home itself in case of accidents. If they pay off the value of the home because it was totally demolished, you’re still responsible for the loan before you get whatever’s left over.
Can a lender enforce a auto insurance policy?
A lender can force you to have a current auto policy because they want to make sure their vehicle will be paid for if an accident happens.
Can lender reposses car or lack of insurance?
Yes, if you don’t have total coverage insurance the collateral is in jeopardy. In other words if you were to total your car the lender has no collateral.
What are the advantages to looking online for quotes on home insurance?
Looking online for quotes on home insurance can be advantageous to the shopper because it permits them to shop and compare pricing amongst the most insurance companies as possible assuring the best possible price and service.
What are some advantages of having a Privilege home insurance?
Some advantages of having a Privilege home insurance are the sum insured for your home, garage and shed, rebuilding of a fresh house, cover to accidental harm to glass windows and mirrors and other building coverage for your home.
Where can be found best home loan lenders?
When choosing a home loan lender, you should be treated like a valued customer, after all, they are relying on you. Insurance brokers are a common route, however, they are not always necessary. Insurance brokers are not entitled to any special deals or promotions and you, yourself can get identically good deals. As a kicking off point, talk to your real estate agent.
Who are the top rated home mortgage lenders?
The top rated home mortgage lenders are Lending Tree, Quicken Loans, Bank of America, Pursue, Wells Fargo Home Mortgage, US Bank, and Citi Bank. There are other home mortgage lenders, but it would be best to shop around to find the best rate for the situation.
What are some home mortgage lenders?
Some home mortgage lenders are basically any bank that is open around your home. A dedicated agent will be glad to tell you about the various loans you can take out.
Where is the Accredited Home Lenders company located?
The Accredited Home Lenders company was a company which suggested home loans. In 2009, Accredited Home Lenders filed for bankruptcy and are no longer in business.
What companies are the best lenders of mortgage insurance?
The companies that are the best lenders of mortgage insurance can be found on websites like BankRate and RateMarketPlace. These sites can help you find a lender by the best rating or the best interest rates to fit within your budget.
What are some popular home mortgage lenders?
The federally backed Frannie Mae and Freddie Mac are always popular. The larger bank chains, those that have a national presence, like Bank of America and Pursue are also popular choices of home mortgage lenders.
Where can a home mortgage refinancing lender be found?
If someone is interested in home mortgage refinancing, it is significant to find a home mortgage refinancing lender. One can be found by going to mortgage calculator websites or mortgage review websites.
Where is it possible to review home lenders?
You can review home lenders at the Zillow website. It is free and there is a number you can call for more information or if you have any questions about their services.
How can you find lenders for mobile homes?
Lenders for mobile homes are usually found through financial institutions. Check with a financial adviser at a bank, or at a mortgage specialist center.
Are there any demonstrable advantages to purchasing cheap mobile home insurance?
The only demonstrable advantage to purchasing cheap mobile home insurance is that you have low payments, which means more money in your pocket. If you want cheap mobile home insurance the thing to do is to increase your deductible.
When does insurance report a claim to the lender?
It depends on the state and the regulations in that state. Here in Georgia if the harm is over $500 the lienholder must be notified and if the check will be over $500 the name on the check must include the lienholder and the policyholder. This is a state law that was made to protect the banks from loss. You can understand that the Banks don’t want to have to repossess a bruised vehicle only to find out that the borrower cashed and pocketed the funds from the claim. It also shows how strong the bank lobby is. In the days when everyone had local banks that they dealt with it was no big deal but now your lienholder is very possibly across the country.
Are lenders obligated to require you to have flood insurance?
If you are located in a flood zone they are most likely obligated to their shareholders and the other people they finance for to assure the stability of the company to make sure that you have flood insurance and property insurance.