I have moved from my house....

[technoreid1]

I have moved from my house.... that has not yet gone into foreclosure.... I am no longer living there...


do I need to keep paying homeowners insurance?

also I am going bankrupt soon.....

thanks, techno

[isitreal]

What are they going to do? Take it away?

From the sounds of it, you are willing to let it go into foreclosure anyway.

[technoreid1]

yes i am willing to let it go into foreclosure.

But I am trying to do a "loan modification" with them and it's not looking too good.....


do you think I need to upkeep homeowners on the home?

thanks, techno

What are they going to do? Take it away?

From the sounds of it, you are willing to let it go into foreclosure anyway.

[isitreal]

Basically if you want to keep the house, then you have to keep the insurance. If not, then you don't need it. They will require it as long as you have a loan with them or until they foreclose on the property.

[BearChaser303]

I have moved from my house.... that has not yet gone into foreclosure.... I am no longer living there...

Basically if you want to keep the house, then you have to keep the insurance. If not, then you don't need it. They will require it as long as you have a loan with them or until they foreclose on the property.

If it has not gone into foreclosure then doesnt he still have a loan and therefore still require insurance? What if the house burns down before the foreclosure is complete?

[technoreid1]

This is what I thought....

That as long as I have the house in my name I must have homeowners insurance.?????

maybe I am wrong??

thanks, techno

If it has not gone into foreclosure then doesnt he still have a loan and therefore still require insurance? What if the house burns down before the foreclosure is complete?

[isitreal]

isn't "have to" a relative term? You are liable for the debt when you have the loan. The mortgage company "requires" you to have insurance to cover that property. If you do not have insurance, then you are defaulting in your agreement with them and they can seize the property. Even after the property is sold in foreclosure, you are still responsible for the difference of what you owe and what they get for it from the foreclosure sale.

If you don't have insurance and it burns down, you are still responsible for it. You don't HAVE to pay for the insurance... but you are taking a risk by not having it. If they are in the foreclosure process, they are not going to come after you for not having insurance... they are going to come after the amount you owe them for the home.

[3cavaliers]

Just like auto insurance they will probably get it and add the premium bill to your loan if you don't have the insurance.

[dp1969]

yes i am willing to let it go into foreclosure.

But I am trying to do a "loan modification" with them and it's not looking too good.....


do you think I need to upkeep homeowners on the home?

thanks, techno

What lender do you have that's willing to do a "modification" at this point? Ours would even touch it. Bummer, because we are going to move out within next month and I hear the government is trying to pass a "foreclosure moratorium" to make banks try to work with homeowners.

[technoreid1]

We are with HomeQ and now they are not doing anything....

It's like they don't even care about us, the house, or anything.

They are not working with us on a loan mod.

thanks, techno

[dp1969]

National City not working with us

It's crap when they send you the letters saying "call us to work something out". Our lenders did the same thing. Just treat us like we are trash instead of hard working people who need some help. I would have totally worked out a modification to be able to stay in our home, but they were not willing. They would still get there money...just 10 years later than the original 30 year term.
Now I'm sending off an application for a rental...this time with the BK on it.

Wishing you luck, too!