Property tax and Homeowners Insurance Help

[cdgraphics1]

I live in Arizona and was discharged from my Ch 7 in 4/10. I never signerda reafirm agreement on the property. I quit making payments to B of A in 8/10. I contacted the bank 2 months ago and they said they are waiting on a Court Closing Order from the bankruptcy court and that I'm still under bankruptcy protection. The trustee from the bankruptcy said the letter wont be sent until june or July. I plan on moving out of the house the end of April. My question is the property taxes are due the end of this month and the homeowners ins expires in june. I am responsible for paying these 2 things? The escrow account only has $152.36

[daylate]

In general property taxes go with the house so don't worry about those. No liability for damage to the house. The big issue with vacant house is the liability issue if your name is still on the deed which it is until the bank forecloses and a sale occurs. So if someone falls on your property you're liable. And getting insurance on a vacant house is tough. if you are not paying it would make sense to stay in the house as long as possible to avoid the vacant house issue. Do a search on insurance vacant houses. Lots of stuff about that issue on the forums.

[tobee43]

in our state that we owned the property an insurance company will NOT insure a non owner occupied premise.....

also ..the banks have umbrella polices that cover the house....and any added "fees" or "costs" are past when the property forecloses. additionally, if it makes you feel better post NO trespassing signs or enter at your own risk.....all over the property...

once you have vacated your premises...and as daylate points out there is much debate on whether one is liable or not if something happens...i stand firm...you are NOT...if the bank changed the locks and is up-keeping the property....as well as ask your self this...what is someone going to get when they sue someone in bk....not much. (that NOT being the point)...is you surrendered the house...it's in the banks lap now.

best of luck!

[scooter6251]

What if you have an Umbrella Liability Policy attached to your renters insurance policy for your new residence? Would that cover you?

[SweetGeorgia]

If property taxes and insurance are both paid out of escrow, then the bank will pay them even if there's nothing in the escrow account.

If you pay insurance yourself, you could tell the insurance company that you are going to rent the home, and they will convert your homeowner's to a "fire" policy. It just covers the building and liability (not possessions inside). It costs about the same, maybe a little more or a little less depending on your deductible.

After foreclosure, write a letter to the insurance company to tell them the property has changed hands as of X date. You'll get a refund.

Don't just cancel the policy. The insurance company will tell the mortgage company, and the bank will buy insanely expensive insurance (which will not protect YOUR liability or belongings). You might as well get the benefits of the policy you already have!

[tobee43]

What if you have an Umbrella Liability Policy attached to your renters insurance policy for your new residence? Would that cover you?

you mean for your rental property...or property you are renting and living in??? since i think that would be find.....

scooter, you and i are both in florida...and i have NO clue what the banks are doing about the insurances...i know our HOA are keeping up the properties and charging or lets say....billing the banks and going to brind liens on them.

i know now....our town past where a landlord needs a co....so they check them out first to see if the house is in florida, i don't know whether that effects the insurance or the banks insurance.

[tobee43]

If property taxes and insurance are both paid out of escrow, then the bank will pay them even if there's nothing in the escrow account.

If you pay insurance yourself, you could tell the insurance company that you are going to rent the home, and they will convert your homeowner's to a "fire" policy. It just covers the building and liability (not possessions inside). It costs about the same, maybe a little more or a little less depending on your deductible.

After foreclosure, write a letter to the insurance company to tell them the property has changed hands as of X date. You'll get a refund.

Don't just cancel the policy. The insurance company will tell the mortgage company, and the bank will buy insanely expensive insurance (which will not protect YOUR liability or belongings). You might as well get the benefits of the policy you already have!

well...we notified our insurance company asap upon leaving...however, the insurance was paid for the year and the amount left over in the escrow account was even enough to pay the following year. the insurance co. sent up a complete refund for that amount......and said they would be billing the bank directly. it was NICE to get a nice large check at, what at the time, we were so broke and needed that money!

[scooter6251]

you mean for your rental property...or property you are renting and living in??? since i think that would be find.....

.

Sorry for the confusion. We are renting out for income, the house that is waiting on foreclosure (may be years, who knows) and we are paying rent on another house we live in. We have a renters policy on the house we live in and an Umbrella policy, which is supposed to cover any rental properties we have as landlord. So as long as the pre-foreclosure house is still titled to us, I believe the umbrella policy protects our liability on that house. And there is no HOA.

[tobee43]

Sorry for the confusion. We are renting out for income, the house that is waiting on foreclosure (may be years, who knows) and we are paying rent on another house we live in. We have a renters policy on the house we live in and an Umbrella policy, which is supposed to cover any rental properties we have as landlord. So as long as the pre-foreclosure house is still titled to us, I believe the umbrella policy protects our liability on that house. And there is no HOA.

i get it...yes, i think you'll be fine with that!! so it was on rental property prior and not your primary residence??? because....unless you just lucked out with that policy..... if that residence was your primary house at one time...and then just fell under the umbrella...that works!

i know in nj...we couldn't do it. but then again, we didn't have that type of insurance.