We are surrendering our rental house in our Chapter 13. My only stress in this whole bankruptcy ordeal is that house . It is in Georgia so its a non judicial state which helps. But I have nightmares of years long foreclosure process. I'm curious about insurance. Insurance on an empty home is EXPENSIVE. Is the mortgage company or insurance company going to bill me for insurance? I am not so concerned about taxes and hoa as I could probably swing those if it came down to them when they are due next January. But obviously I cannot afford a $3000-$4000 insurance bill if I am in CHapter 13. Anyone want to chime in with their experiences? and to top it off the roof isn.t going to hold out for many more years either...its 17 years old and the original roof.
-
-
We surrendered our home in a Chapter 7 bankruptcy. The first time we met with our attorney, she told us that we could stop paying the insurance, which we did, and there were no repercussions. I don't know if it's different with a rental property or if things are different in your state, but this was my experience in NJ. Hope this helps! -
Our lawyer assured us that was something to not worry about..lol, especially since it is escrowed, the mortgage company will force place if need be and pay it. I am a total worrier, though to the point I had to go to doc to get anxiety medicine to stop the anxiety attacks over that darn house!Comment
Comment