Stopping paying 1st mortgage but taxes insurance included in monthly

[CCsAreEvil]

I did a quick search but maybe my searching skills suck.. couldn't find the answer.

So, we were discharged at the end of 2009. Up to today, we have continued to pay on the 1st. Our taxes and insurance are included as part of the monthly payment to the 1st. We are at a point where we are deciding to stop paying to "walk away" but stay until we are foreclosed on (so we can put the money in savings to have enough for the next place to rent).

What happens now then? I suppose the 1st will obviously stop paying the taxes and insurance since we won't be making the payments. Do we become legally obligated to pay the taxes and/or insurance?

I guess I can call my home insurance and tell them I'll be making the payment directly now so they can bill me. I've read that it's probably in our best interest to pay the insurance since the title is still in my name for liability reasons.

That leaves the county taxes? I don't know what to do about that.

Lastly, I read that we do need to keep paying on the HOA which is fine.

Thanks.

[tcreegan]

HOA, ins, etc

Hello CCsareevil,

HOA are owed post-bankruptcy until your name is off the deed (or you vacate, depends on the HOA rules)

Most lenders pay taxes, insurance, etc out of an escrow acct. They usually pay these quarterly or twice a year. Your lender may have paid for the rest of the year at the end of July. Check w/ the insurance company, you might just get lucky!

Tom in Colo

ps: I agree, CCs are evil !!