How long are we responsible

[Kingxray]

We are surrendering a home in C7. It is currently in the foreclosure process. The relief of stay has been filed and the date of objections has passed. The mortgage company found out the house was vacant and is issuing an insurance policy to cover just the principal (no liabillity). Our current homeowners insurance company is canceling our homeowners policy next week and will not insure vacant properties but will refer us to someone who does.

How long are we responsible for this property now that we are in the middle of the foreclosure process? Do we need to purchase this expensive insurance at this point? We are still paying the utilities. How much longer should we pay those?

Will we be notified when the foreclosure process has concluded?

Thanks all, can't talk to the lawyer until Tues.

[OhioFiler]

You're wasting your money. Stop paying everything if you've left the residence.

[DebtEnder]

If the house is vacant then there should be no need for insurance on it to cover inhabitants and the bank can't force you to buy insurance on it now as YOU are no longer personally liable to the bank for the house. They can add all the fees they want, you are untouchable to them for anything.

[AngelinaCatHub]

This has been an issue in the past. If I were the OP, I would write a certified letter that upon such and such a date, all utilities will be shut down, and you surrender all responsibilities to this item. However there has been some doubt as to the responsibility to protect the asset as it still is deeded to you. It may be being forclosed upon, but until the deed is changed, YOU OWN IT. It is not like a car you can drop off. Ask your lawyer for sure and possibly sign over a quit claim deed to the bank (If they will accept it). If you write a letter, you might just pay the five bucks and have it recorded at the Courthouse as Public Record. 'Hub

[TEW]

We are surrendering a home in C7. It is currently in the foreclosure process. The relief of stay has been filed and the date of objections has passed. The mortgage company found out the house was vacant and is issuing an insurance policy to cover just the principal (no liabillity). Our current homeowners insurance company is canceling our homeowners policy next week and will not insure vacant properties but will refer us to someone who does.

How long are we responsible for this property now that we are in the middle of the foreclosure process? Do we need to purchase this expensive insurance at this point? We are still paying the utilities. How much longer should we pay those?

Will we be notified when the foreclosure process has concluded?

Thanks all, can't talk to the lawyer until Tues.

you are responsible for the property until the foreclosure or deed transfer is complete. IF someone gets injured on the property you are responsible. If it burns down and the town wanted it demolished its going to be your dine if you aren't insured Your name is on the deed........

[Kingxray]

Thanks for the responses. I figured we were still responsible. Does anyone know how long it takes before they complete the foreclosure process and when we will be notified? I do not want to pay (nor can we afford) this expensive homeowners policy for long.