Home foreclosed on, included in Chapter 7. Flooded. No insurance

[ELBKnow]

What does this mean for me? I informed them on December 4th 2010 that it was abandoned. we included the home in a bankruptcy filed December 6th. Flooding was discovered January 7th.

What does this mean for me?

I am uncertain if the redemption period is over.

[ELBKnow]

Home foreclosed on, included in Chapter 7. Flooded. No insurance

What does this mean for me?

I informed them that the house was abandoned on December 3rd 2010. Filed December 6th 2010. Flooding discovered January 7th 2011. My insurance lapsed in October I think.

My father in law who has a lot of knowledge of this type of thing said not to worry too much about it.

[scorpion35]

What does this mean for me?

I informed them that the house was abandoned on December 3rd 2010. Filed December 6th 2010. Flooding discovered January 7th 2011. My insurance lapsed in October I think.

My father in law who has a lot of knowledge of this type of thing said not to worry too much about it.

was the home foreclosed?sold ?
is your name on the deed/title?

u should always keep your home insured until the home is sold and your name taken out of the title/deed

[IBroke]

u should always keep your home insured until the home is sold and your name taken out of the title/deed

True - but since it was IIB, does this actually make a difference in THIS particular case?

[tyson24]

Was your insurance escrowed? If it is, and you bank is like mine, they still pay it. I have not made a payment in 2+ years but they still pay the taxes and insurance. That may change after they foreclose, but for now it is up to date.

[debee]

I informed them that the house was abandoned on December 3rd 2010. Filed December 6th 2010. Flooding discovered January 7th 2011. My insurance lapsed in October I think. My father in law who has a lot of knowledge of this type of thing said not to worry too much about it.

So long as you didn't cause the flooding (which can result in criminal charges), and so long as the flooding didn't damage any neighbor's property (which would be a personal liability issue if you are still the owner of record), even if the foreclosure auction hasn't taken place yet, you should be fine.

If Ohio is a recourse state (meaning the lender can pursue you for difference between what you owe on the home and what they get at sale), then you will also need your discharge for protection against any loss in value caused by the flood.

Once your policy lapsed, the lender will have placed their own insurance on the property and named themselves as loss payee.

[ELBKnow]

Turns out it means nothing for me. They should've winterized the home. And they carry insurance on it.

[tobee43]

ELBKnown....we had left our house in the winter, vacated our house that was in foreclosure....and our neighbor said that within 2 weeks....there was a big sign pasted on the front door winterized on such and such a date....we thought actually too late...but not our problem them...that was almost 3 weeks ago, and we are certain that it had already damaged the house no doubt. we just included the mortgage and surrendered the house in our bk which was discharged. we had no problem with damage either and know there had to have been some...that house flooded EVERY spring and there was NO stopping it....3 springs have past...

and by the way that house is STILL not foreclosed on....

and just wondering how did you find out the exact answer???? just wondering?

[tobee43]

ELBKnown....we had left our house in the winter, vacated our house that was in foreclosure....and our neighbor said that within 2 weeks....there was a big sign pasted on the front door winterized on such and such a date....we thought actually too late...but not our problem them...that was almost 3 weeks ago, and we are certain that it had already damaged the house no doubt. we just included the mortgage and surrendered the house in our bk which was discharged. we had no problem with damage either and know there had to have been some...that house flooded EVERY spring and there was NO stopping it....3 springs have past...

and by the way that house is STILL not foreclosed on....

and just wondering how did you find out the exact answer???? just wondering?

talk about typo's....so sorry.................


it was almost 3 years ago...not 3 weeks.... and too late to edit my terrible typos...(would be really nice if i ever learned to type). but i wanted to clarify that the bank did in fact winterize the house approx 2 weeks AFTER we vacated, however, it was most likely too late, since the wind chill factors are known to reach -30 below in that particular area of the state.

[ELBKnow]

I just asked my lawyer if I was responsible. She said no cause the sherriff's sale had happened.

[ELBKnow]

Debee, talked to my lawyer and you were correct. It's been bought by the mortgage company. Therefore it is their problem.

I do wonder since it was an older home, if they may or may not have done it purposely to get their insurance to pay for some updates. Is that possible?

[tobee43]

I just asked my lawyer if I was responsible. She said no cause the sherriff's sale had happened.

good news for you!! i know our atty said since we named it in the bk and it was discharged it was also the banks problem even though it hasn't gone to sheriff's sale yet...and at this point don't ever think it will!

[tobee43]

Debee, talked to my lawyer and you were correct. It's been bought by the mortgage company. Therefore it is their problem.

I do wonder since it was an older home, if they may or may not have done it purposely to get their insurance to pay for some updates. Is that possible?

wow...quite a thought....LOL!!! well they may have to hope for a fire to burn our old house to the ground because it needs......let's see...new leech fields, new septic, new roof...has a cracked foundation since the town changed the curb in the road and for approx 6 years we were getting flooded and living with sub pumps, black mold.....approx 10k worth of fencing work (by code)....and there's MORE...LOL!!!..and dumb us, were even willing to keep the darn house had the bank worked with us...now i have no regrets...and none of the problems that house carried with it.

glad it's behind us....but it would be nice if they would just complete the foreclosure!

[AngelinaCat]

I have merged these two threads as they cover the same subject matter, and were located in different forums. OP, please do not make duplicate posts. It is too confusing for people trying to follow and reply to them. For that reason, this practice is against forum rules.

Thanks

[tobee43]

I have merged these two threads as they cover the same subject matter, and were located in different forums. OP, please do not make duplicate posts. It is too confusing for people trying to follow and reply to them. For that reason, this practice is against forum rules.

Thanks

brilliant!