Insurance . . . . . . .
Yesterday, 01:42 PM
#26
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Join Date: Aug 2007
Location: Pacific Northwest
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2001 S600 V12 Sold, 2011 Jaguar XFR Sold, 2017 S550 4-Matic, 2018 S63 AMG Sedan
No, they do. And it's not as rare as you would think. A buddy of mine who had a used car lot would buy 80% of hs inventory at Crediut Union sales. Often times the reason for the reposession was the failure of the borrowers to acquire proper insurance. It happens more with borrowers with lower credit and income, for obvious reasons. It's real. That stipulation is clearly stated on every loan document, but people never read long contracts.
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MBNUT1 (Yesterday)
Yesterday, 03:40 PM
#27
MBWorld Fanatic!
Former LO.
The maximum deductible for FHA homeowners insurance is the higher of $1,000 or 1% of the dwelling coverage's face amount, unless a higher amount is required by law. For wind or hurricane coverage, the maximum deductible is the higher of $2,000 or 2% of the dwelling coverage's face amount
The maximum deductible for FHA homeowners insurance is the higher of $1,000 or 1% of the dwelling coverage's face amount, unless a higher amount is required by law. For wind or hurricane coverage, the maximum deductible is the higher of $2,000 or 2% of the dwelling coverage's face amount
No, they do. And it's not as rare as you would think. A buddy of mine who had a used car lot would buy 80% of hs inventory at Crediut Union sales. Often times the reason for the reposession was the failure of the borrowers to acquire proper insurance. It happens more with borrowers with lower credit and income, for obvious reasons. It's real. That stipulation is clearly stated on every loan document, but people never read long contracts.
Yesterday, 05:46 PM
#28
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2001 S600 V12 Sold, 2011 Jaguar XFR Sold, 2017 S550 4-Matic, 2018 S63 AMG Sedan
FHA mortgages are secured by the government, thats a little bit different. Even so Very few people have deductibles over $1,000. I have been doing this for 20 years and have sold over 500 homes and this has never come up, not once.
Exactly, lower credit borrowers, not us. Like I said I have always run $1,000 deductibles and no lender has ever said anything to me.
Exactly, lower credit borrowers, not us. Like I said I have always run $1,000 deductibles and no lender has ever said anything to me.
Just poking at you Steve
Glad you still hang out with us over here!
Yesterday, 06:50 PM
#29
MBWorld Fanatic!
When I was in lending, I would tell my clients; good loan officers have to know everything about loans, and most things about real estate. But Real Estate Agents just need to know a little about real estate and nothing about mortgages...LOL
Just poking at you Steve Glad you still hang out with us over here!
Just poking at you Steve
Glad you still hang out with us over here!We always refer people to good LOs but you can lead a horse to water but you can't make them drink! They wind up using some terrible online lender or a credit union who gives them a hard time about insurance deductibles!
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carlosinseattle (Yesterday)
Yesterday, 07:39 PM
#30
Super Member
LOL, I actually say the same thing about us real estate agents. Good agents know everything about loans a mortgage lender knows, and everything about title, construction, insurance, I've gotten people green cards...negotiated liens from the IRS...I've handled people's estates... its a crazy business lol.
We always refer people to good LOs but you can lead a horse to water but you can't make them drink! They wind up using some terrible online lender or a credit union who gives them a hard time about insurance deductibles!
We always refer people to good LOs but you can lead a horse to water but you can't make them drink! They wind up using some terrible online lender or a credit union who gives them a hard time about insurance deductibles!
There’s almost always a way around a difficulty.
Yesterday, 07:43 PM
#31
MBWorld Fanatic!
Yesterday, 09:48 PM
#32
They don't ask, but it's in the loan agreements of having insurance coverage. Most people don't read the fine details. Are they going to hound you on it every month and check your premiums? No, probably not.
Yesterday, 11:44 PM
#33
MBWorld Fanatic!
Thats exactly my point. I’ve never been asked, I send in my proof of insurance as requested and whatever I send is clearly fine because I never hear any issue.
