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  #121  
Old 04-03-2015, 02:49 AM
Thud-n-Blunder Thud-n-Blunder is offline
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There's only so long you can keep juggling before everything starts falling.
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  #122  
Old 04-03-2015, 01:09 PM
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Ghel Ghel is offline
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Supposedly, the insurance agent is back from vacation now. But I don't count that as an excuse. We've had force placed insurance on the house for years. Every year, or every time we've advanced on her home loan to pay the insurance premiums, we've sent her at least one letter (two with the new regulations) saying how much we were advancing on the loan, and in big bold print "this insurance will cover only the bank's interest in the property, and not yours." So she's actually had years to get insurance.

But I doubt she reads the letters we send her anyway.
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  #123  
Old 04-03-2015, 07:07 PM
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taxguykarl taxguykarl is offline
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As my dad was in the insurance business--I find it hard to believe that any insurer will write a policy for them with their payment history.

Keep us posted, Ghel.
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  #124  
Old 04-04-2015, 06:27 AM
Thud-n-Blunder Thud-n-Blunder is offline
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I think that the deal with force-placed insurance is that, since the risk is high (not so much from threat to property as the chance of foreclosure) the insurance premium is commensurately higher - and the bank gets the payout first if there is some form of disaster.

I base this on my time with a company that handled flood insurance. In certain areas it is required in order to get Federally-backed loans for the property. The rate for force-placed insurance was about 5 times the normal rate. Ouch!
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  #125  
Old 04-06-2015, 02:57 PM
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Ghel Ghel is offline
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Quote:
Quoth taxguykarl View Post
I find it hard to believe that any insurer will write a policy for them with their payment history.
There's an insurance "company" called Minnesota FAIR Plan, which is a last-ditch service offered by Minnesota for people who can't otherwise get insurance. And even they will cancel policies if the payment bounces or homeowners don't return phone calls requesting a property inspection.

Quote:
Quoth Thud-n-Blunder View Post
I think that the deal with force-placed insurance is that, since the risk is high (not so much from threat to property as the chance of foreclosure) the insurance premium is commensurately higher - and the bank gets the payout first if there is some form of disaster.
Actually, the force-placed insurance we use only covers the amount of the loan, so the bank gets paid, but the homeowner gets nothing. Because of that and because it's only hazard insurance (no liability), the premium actually tends to be lower than what the borrower could get.
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  #126  
Old 04-06-2015, 03:38 PM
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taxguykarl taxguykarl is offline
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Well that does make sense..kind of like a credit life policy. The kind that only cover the balance.
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  #127  
Old 04-06-2015, 06:55 PM
sirwired sirwired is offline
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Force-place insurance is much better than it used to be. There was a scandal a few years ago where banks were taking large kickbacks from force-place providers, artificially driving up the cost of the policies to homeowners.
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  #128  
Old 04-07-2015, 01:18 AM
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Seanette Seanette is offline
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I wonder if Betty's accountant was a drinker before taking her on as a client or if it's a result of that.
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  #129  
Old 04-30-2015, 04:15 PM
eltf177 eltf177 is offline
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Has Betty's house of cards collapsed yet?
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  #130  
Old 04-30-2015, 04:27 PM
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Not quite, but it's close. She finally got together with her insurance agent yesterday, and he verified that he sent in her application for insurance yesterday. He said it will be a week or so before he hears back whether it's been approved. So we're holding off on any action until we hear back on that.

If her insurance is approved, we'll do a short-term (probably one year) renewal on the house, so that loan comes off our past due list. We'll also insist that she does a confession of judgement with the county on the real estate taxes for the restaurant. If she is unwilling or unable (the county wants the current year's taxes paid plus a fee, which she might not be able to afford) to do that, we'll start foreclosure on the restaurant. IIRC, the foreclosure process on a commercial property takes less time than on residential, so we might be able to get it completed before November, when the county will take the property under tax forfeiture.

Goodhair described having a "come to Jesus" meeting with her. I don't think it's quite sunk in with Betty that she's in danger of losing her livelihood.
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