Maintaining Homeowners Insurance thru Foreclosure?

[LetItGo]

Does everyone/anyone maintain Homeowners Insurance thru foreclosure? I have a 2nd half installment of around $700 due 45 days after I will be in defualt (strategic) of the mortgage. Just wondering to pay or not to pay, that is the question!

[AngelinaCat]

Welcome to the forum.

The question is: are you in the home or not?

If you are in the home and planning to stay, then yes, pay the second half. If you are NOT in the home and it is vacant--this is where the problem arises. Most insurance companies will not insure a vacant house. If you pay for the insurance, and an incident happens, and the insurance company finds out the house was vacant, you will be dropped like a hot rock.

The the question is who is liable, you or the bank? There are several lively discussions, opinions and experiences on this in the Insurance Board.

[LetItGo]

Thanks AngelinaCat,
We plan to stay as long as we can to save up for a move. So I guess I'll pay the insurance while we are living here.

[helpmeout]

I maintained homeowner's insurance until I moved out. Once I no longer lived there, the insurance company canceled the policy.

[obwnlink]

I paid my homeowner's insurance on a yearly basis. On the day of the Trustee's sale, my inurance company cancelled the policy and gave me a refund since the "year" wasn't up. I had long since moved out to be closer to work.