Paying property taxes and utilities

[StartingOver08]

You have no problem in canceling the power. As to the water, it may be different. Here (FL) we are charged for the water and sewer whether it is on or not. There is a min monthly charge. It is charged to whoever owns the property. If it is not paid, then a lien is placed on the property and whoever goes to turn on the water has to pay all the past due charges before water can be turned on again.

[AfraidOfBK]

I did not pay my property taxes due in Dec and will not pay the 2nd part due in April either. As previously stated, the new title owner (bank) will be responsible for any back taxes.

Regarding utilities, I am paying all utilities until I am told to vacate the home after foreclosure. Don't want the utility company to switch off any utilities while I live here rent free for the next few months.

Also still paying home insurance as I was told I am still liable while I own home if anything happens to anyone on the property.

You stopped paying prop tazes in Dec, doghouse.......When did the foreclosure process start for you? Have you filed BK or do you intend to?

I am in a similar situation because - Missed mortgage in March...no letter yet (just lots of phone calls) and Id like to live here rent free as long as possible to save $#..PROBLEM IS - I cant save too much $ before filing BK cuz then trustee will take it all, right?!? SO -

If I need to wait at least until June to file BK (having baby in MAy, want med bills to be IIBK), how much more time after June could I really wait to file???

I mean, should I file sooner rather than later so that I can start saving the money from mortgage pmt for future?

OR should I file later so I dont speed up the foreclosure process>????

I am in NV and am current on all other CC payments, car pmts, etc..thinking about missing one CC pmt htis month (BUT I STILL HAVE TOO MUCH MONEY LEFT OVER FROM MISSING ALL THESE PMTS) WHat to do?

I NEED any help I can get because I want to time the BK to my benefit, so I can live in the house for free as long as possible...HELP PLEASE!

[BK2008]

Thanks for all your answers! Appreciate that!



I know a poster here did maintain insurance( when did you stop paying?)

It is a

Flood insurance (CA) also expired in Dec 2009.I will not renew that one for sure, it is expensive.

I maintained insurance on the home up to the date of the sherriff's sale and cancelled the policy. Even after the sale didn't happen when it was supposed to, the lender place insurance on their own, knowing full well I stopped insurance based on their sale date that THEY said was going to occur.

As for flood, I don't think it's required, therefore you should be free to cancel that and get a refund.
Af for utilities, I paid them, simply because I wanted the good reference for my next utility company so I didn't have to pay the deposit.

[Doghouse]

You stopped paying prop tazes in Dec, doghouse.......When did the foreclosure process start for you? Have you filed BK or do you intend to?

I am in a similar situation because - Missed mortgage in March...no letter yet (just lots of phone calls) and Id like to live here rent free as long as possible to save $#..PROBLEM IS - I cant save too much $ before filing BK cuz then trustee will take it all, right?!? SO -

If I need to wait at least until June to file BK (having baby in MAy, want med bills to be IIBK), how much more time after June could I really wait to file???

I mean, should I file sooner rather than later so that I can start saving the money from mortgage pmt for future?

OR should I file later so I dont speed up the foreclosure process>????

I am in NV and am current on all other CC payments, car pmts, etc..thinking about missing one CC pmt htis month (BUT I STILL HAVE TOO MUCH MONEY LEFT OVER FROM MISSING ALL THESE PMTS) WHat to do?

I NEED any help I can get because I want to time the BK to my benefit, so I can live in the house for free as long as possible...HELP PLEASE!

AfraidofBK, I last paid my mortgage in Sept '08. I am going into month 7 and no NOD yet from 1st or 2nd lender. HELOC lender filed a NOD but I just ignored it. They are 3rd in line as a junior lien holder.

The foreclosure process has not started. I have not filed for BK yet but plan on doing so by middle of April. I don't know if filing will accelerate the foreclosure process from the 1st mortgage lender or not. Even if they send a NOD today and start foreclosure after the 90 day wait, I expect to live in the place at least another 3 to 4 months or longer. Essentially hope to live rent free at least till Sept/Oct which will put me at 11 months to a year.

BTW, I am in Northern Calif. And when I file, I will have 21K Calif. wildcard exemption to protect about 11K in the bank that I will have.

[AfraidOfBK]

Forgive my ignorance, but whats a heloc lender?
Here in NV we only have 1000 per spouse for wildcard for a total of 2k but my lawyer keeps saying - dont use that for your bank acct, keep it in case something comes up...but then if I try to drain my bank acct (spend it down) and I could have used it for that all along, I will miss my 2k, u know? Id rather have $ to live off of after the BK than now.

[justbroke]

HELOC is a Home Equity Line of Credit. This was one of those credit products that helped destroy the housing market. Banks basically gave many folks $100K credit lines (including lines against a credit card!) that allowed people to use the rapid equity increase in their property as a line of credit (check or credit card).

The other type is a home equity loan. The home equity loan is a one time thing, where the HELOC is a revolving line of credit.

[truckerswife]

I think the cancelling insurance on the property before foreclosure might vary for each state. When I called USAA about getting renters insurance for the apartment we are now renting they asked about our homeowners insurance. I explained that we had filed bankruptcy and were waiting on the mortgage company to foreclose. They said until the property was no longer ours we could not cancel the insurance anyway (not that I even asked them to.). They said that once it was sold we would have to either get a statement from the mortgage company or the mortgage company's attorney stating that we no longer had ties to the property. Of course, I realize maybe the guy I was speaking to could have been mistaken. I'm in Ohio.