Posted on: 25th Oct, 2010 07:42 am
I've been owner financing, found out the people still are financing at the bank, so therefore, they carry insurance, but they insist I get my own insurance, this is Texas, is it legal to double insure
If there is already a mortgage on the property, then the owner shouldn't go for an owner financing. The lender will consider such a financing as fraudulent and can call the loan due immediately. Moreover, I haven't heard of double insurance on an owner financed home.