Hi,
We rec'd our second letter from BOA's attorney stating they will be foreclosing (I don't have it with me right now so I cannot remember what it says exactly).
Our son called and said the renters have moved out. They had not been paying rent for a few months. BOA would not work with us at all on trying to keep the house. (The house is about 2 hours away from us), and our son said there is no power, that a tree had fallen on a line and some of the wires were down. I am sure the renters had had the utilities shut off. We are a couple of days late on the homeowners insurance, and have thought about just not paying it. We had intended on just keeping the insurance on the property, but my husband said if anyone was on it now, they would be tresspassing. Also, just found out there is about 2 feet of water in the basement (it is unfinished, more like a cellar).
I feel so torn. I feel like we need to "fix" up the house, get utillities on, etc, but then I think we are probably throwing good money after bad. Also, after our bankruptcy is finished, apparently after reading some of the posts, the house will still be in my husband's name???? So do we just keep insurance on it (for liability purposes) forever??? That seems so stupid. Once there is a sheriff's sale, is that when his name comes off the property?
So far, not much of the foreclosure stuff makes much sense at all.
This home is in the country, no HOA fees, taxes are paid up. Should we file before the foreclosure or is it better to file after they start foreclosure, or does it really not matter one way or another.
Thanks!
Lynn
We rec'd our second letter from BOA's attorney stating they will be foreclosing (I don't have it with me right now so I cannot remember what it says exactly).
Our son called and said the renters have moved out. They had not been paying rent for a few months. BOA would not work with us at all on trying to keep the house. (The house is about 2 hours away from us), and our son said there is no power, that a tree had fallen on a line and some of the wires were down. I am sure the renters had had the utilities shut off. We are a couple of days late on the homeowners insurance, and have thought about just not paying it. We had intended on just keeping the insurance on the property, but my husband said if anyone was on it now, they would be tresspassing. Also, just found out there is about 2 feet of water in the basement (it is unfinished, more like a cellar).
I feel so torn. I feel like we need to "fix" up the house, get utillities on, etc, but then I think we are probably throwing good money after bad. Also, after our bankruptcy is finished, apparently after reading some of the posts, the house will still be in my husband's name???? So do we just keep insurance on it (for liability purposes) forever??? That seems so stupid. Once there is a sheriff's sale, is that when his name comes off the property?
So far, not much of the foreclosure stuff makes much sense at all.
This home is in the country, no HOA fees, taxes are paid up. Should we file before the foreclosure or is it better to file after they start foreclosure, or does it really not matter one way or another.
Thanks!
Lynn