Dave Ramsey

Insurance law is basic.

You have to have an insurable interest.

I do not have an interest in Jade's house legally.

So I can't go be buying insurance on somebody else's house.

So they can't buy insurance on your house.

This house is in your name.

Their insurance policy is not valid.

Yeah.

So they're not going to get the money.

You're going to end up with nothing.

Nobody's going to get nothing because the insurance company is going to go, you didn't own the house.

It's not illegal.

It just invalidates the policy.

So the insurance company is going to go, no, we're not writing a check for a million dollars on a property to the people that are not our client, and our client doesn't own the property.

Right, right, right.

So it's not worth the paper it's written on.

Wow, that's a mess.

It's useless.

So there's so much wrong with trying to do what is effectively called a wraparound mortgage.

where they wrapped around the old mortgage and they carried back 60 and they wrapped around the 320 for a total of 380.