hi guys. i am currently waiting to file BK on my personal debt. in the meantime, i am looking to live in my house for as long as i can until foreclosure. i am currently 5 payments behind and i was told by my BK attorney that it may take 2+ years to be foreclosed on in NJ. my question is... what should i do with my home owners insurance? it is due in two days. should i be paying this or will it give the bank some ammunition to foreclose faster? thanks for your advice.
-
-
For your own protection, you should keep it current. The house and responsibility is still yours, especially if you aren't vacating the place. The type of trouble you could get into is not dischargeable in bk. 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010. -
Does your bank normally pay the insurance out of an escrow/impound account?
If so, I'd wait and see if they paid it regardless of your delinquency. FYI, our mortgage company paid our premiums the past 2 years - while we didn't pay them a dime. They paid property taxes, too.
If not, I agree with 'Hub - you should pay it to protect yourself - particularly from liability.
Good luck in your upcoming filing!!~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~Not an attorney - just an opinionated woman.Comment
-
Based on my experience, I didn't pay, so the bank got their own liability policy. Then I told everyone to stay off my property.Filed August 20
341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!Comment
Comment