Real estate Law Question?

Question

I'm signing the paperwork for a Died in Leui of foreclosure, and there is a page that says this......please tell me what this means...

Assignment of Interest By Insured

The interest of the undersigned insured in policy No. ______ of the ___________________ is hereby assigned to:

Subject to the consent of said insurance company

X___________

X___________

Consent by Company to assignment of interest

The above-named insurance company hereby consents to the foreoing assignment, attached to and forming part of policy no __________ if the _____________________ (name of insurance company), issued at its _________ (city & date), Agency, Date __________________

Any idea what this is saying?

Answer 1

The insurance company has an interest in the property.

It sounds like they are assigning their interest to you.

Be sure you understand it before you sign it.

Answer 2

You're getting the insurance company's permission to switch ownership of the property from you to the bank.

(BTW, it's "deed" and "lieu".)

Answer 3

The insurance company has some interest on the property. Look down into the matter clearly and then sign it. If this matter is beyond your reach then consult one insurance agent in your locality bcoz such statement may vary from place to place.

http://www.rghins.com/

Answer 4

I don't know!Why are you asking me??? Don't care, don't care, DON'T CARE!!!!! Looks like you are screwed.

Answer 5

It is saying that your interest in the policy is being transferred to someone else. The bottom portion gives consent by the insurer to transfer the policy to the new party.