Homeowners Policy

[doven]

What is the name of your state? Arizona

We purchased our home in March 2001. Husband and I have JTWROS.

Seller carried the note. Two year balloon.

We use a title company to make monthly payments INCLUDING the homeowner's insurance (we pay PITI plus servicing fee, title company pays mortgage company who pays taxes and interest.)

We have had three burglaries in twelve months. First two we "absorbed" the loss but the last one was much more extensive and included damage to the building.

Seller is not communicating with us regarding the insurance... I believe their position is if they ignore me I will go away..I am paying for it so I believe I have a right to make a claim.

Any comments.

 

[knotcops]

Who took out the insurance policy, you or the seller? Your name or his as to the policy holder?

 

[doven]

Seller is the insured...was told that since their mortgage had a "due upon sale" clause we needed to do it that way.

Also, the title company originally (a day or so after closing) made me take out a separate policy but then a year later told me a separate policy would only muddy the waters should a claim be made (since in essense there would be two different insurance companies with duplicate coverage).

The title company made a lot of little mistakes along the way. Seller is now a licensed real estate agent but wasn't then.

The total amount isn't worth going to court but I am thinking about mediation.

Not trying to cheat the sellers....just want what I think is fair.

 

[Bigfoot]

We purchased our home in March 2001. Husband and I have JTWROS.

**What is JTWROS?

Seller carried the note. Two year balloon.

We use a title company to make monthly payments INCLUDING the homeowner's insurance (we pay PITI plus servicing fee, title company pays mortgage company who pays taxes and interest.)

The TI of PITI refers to taxes and insurance, not taxes and interest. What exactly is your question?

 

[coosi]

JTWROS= Joint Tenancy With Right Of Survivorship

 

[doven]

My question is: is it reasonable to expect the sellers to file the claim for the damage since I pay the policy.

Mind you, I was told by the title company that a duplicate policy would only complicate things (not to mention cost me twice as much).

And thanks, BigFoot. I meant insurance.

Policy was purchased by the sellers when they bought the home (about a month earlier).