Hey, good morning everybody. Chris Seveney here, my morning drive where I discuss note investing. Today I wanted to talk about forced place insurance. Make sure people understand what forced place insurance is. Make sure you speak with your agent or carrier in regards to what happens if you foreclose and take the property back.
I use madison management as my servicer but if you take the property back as a reo, you need to get new policy. So I switched over. I use JB Lloyd now for my insurance. I know some people use others, but what I like about them is I can do it on a month to month basis. I can also add loans easily to my portfolio. They cover it whether or not it is a note or a cfd and put the liability insurance on it if it’s contract for deed.
Forced Place Insurance
So just something to consider if you are using your service or for the forced place insurance after you foreclose. Just make sure that you’re getting coverageonce you take the property as an reo. The last thing you want to have happen is have to get a claim and realize you don’t have insurance. I want to do a follow up video in regards to the two different types of insurance which I’ll cover at a later, so thanks for watching. Have a good day and remember to listen to us as well on our podcast. Good deeds note investing podcast. Thanks and talk to you tomorrow.