Need more advice on our housing situation please! Already discharged!

[Debtnogood]

Last time I posted was back in August, since then our Chapter 7 has been discharged. We were discharged back in September. I received some great advice from the forum and we didn't reaffirm our mortgage. The bank never sent us an agreement anyways and they told us we could just stay and pay. So since September, we have been making the payments. We are now ready to stop those payments and save up the funds to find a rental. We are also meeting with a real estate agent next week to explore options. I have some questions though. Depending on what happens with the home we are in, what are we responsible for if we have to walk away and the bank takes forever to foreclose or we can't sell the property? Do we have to pay the property taxes that are now due or do they run with the home? And what about insurance on the home? We are going to move as soon as we can find a suitable rental regardless of what is going on with this home because good rentals are hard to find, so if we find one before this house changes hands then we will have to just leave this house empty. I guess I should mention too that this house we are in needs numerous repairs that we cannot fix and it may be hard to sell, so it will probably go to foreclosure in order to be sold. Any and all advice would be appreciated. Thanks!

[justbroke]

Depending on what happens with the home we are in, what are we responsible for if we have to walk away and the bank takes forever to foreclose or we can't sell the property? Do we have to pay the property taxes that are now due or do they run with the home? And what about insurance on the home?

If you live in an HOA or Condo Association, you could be responsible for any HOA/CA fees, assessments, and dues. You would not need to pay the property taxes. As for hazard and livability insurance, that's a tough one. You would not be liable if the house burned down, but if someone was injured, you would likely have liability issues. The lender/bank will add "force placed" insurance but it does not provide you with personal liability coverage.

Try to stay as long as possible and save your money. I don't know the foreclosure timeline for Georgia, but Floridians are still enjoying 12+ month foreclosures (when they use a foreclosure defense attorney).