Found an insurance company to insure my foreclosure home ...

[AbbeyA]

Our home is in foreclosure ... bottom line, State Farm found out about the foreclosure and canceled our homeowners insurance plan. So today we were able to get coverage on the home until the deed is transferred out of our names through Foremost Insurance Co. They also insure vacant homes.

We had an independent insurance broker find coverage for us and this is the only company that will insure a home in foreclosure/for people with poor credit or a recent bankruptcy. Their website is http://www.foremost.com/

I am very relieved to have this plan in place and grateful that there is an insurance company out there that recognizes a significant need/niche for so many of us out here drowning in the mortgage meltdown crisis. The last thing we need is to have something happen to someone on our property and we are liable for it. There was someone who posted a while back in one of the insurance threads about finding insurance through this company on her home while it was in foreclosure as well.

[Panacea]

Thank you for the info!

[AbbeyA]

One thing -- on the website, it says they only cover homes in certain states. I am in Illinois and was able to get covered. So I don't know if the website needs to be updated or if it had something to do with the insurance agent getting the policy for us.

[hillaryg]

good to know,... thanks.
i got a notice from allstate (my homeowners insurance) that they did an inspection (house is vacant) and i needed to call. i called and they said "oh we're just making sure we had your correct address" i said "but i got something about an inspection?" she said "oh just if the home is in bad shape or abandoned we like to know but you are fine" um... ok not mentioning i am not there!

[tobee43]

are you still IN the house...if so i understand why your insuring it...if NOT...like we vacated and then surrendered at bankruptcy, however, had not lived in it for almost 2 years....well here it is 2.7 years later and the bank still has not foreclosed and i haven't pd one dime on any insurance or anything else....my bk was discharged and i no longer have any financial obligation to the house.

but, like i said...if you are still in there and living, i understand your reasoning.

[AbbeyA]

We are currently still living in the house, but will be moving in the next few weeks. The sheriff sale was held on October 12th, but there is no confirmation of sale hearing set at this time so the deed will still be in our names for a little bit longer. The mortgage was included in the bk and discharged, but we are liable if anything happens on the property until the deed is not in our name. We're just not willing to let the insurance lapse and be on the hook for something. You know how some people have really bad luck? That's us lately ... just this morning the transmission went out on our minivan (we have 4 kids) and my dh's car won't start today. So as luck would have it, some kid would go in our back yard and swing on the swing set and break his/her neck and we'd be in even worse shape. I can sleep at night now knowing that the property will be insured until we no longer own it.

[hillaryg]

Nope we aren't there. we were advised by our attorney to keep the insurance ($52 mo) due to the fact that if someone falls on the property or breaks in then we are responsible. I can't wait to cancel it!

[debee]

Thanks for this link. It was a real shock when I learned (here from ccsjoe) that I would need liability insurance AND still be responsible for mowing the lawn, and whatever other city codes required observance. It stinks! I really wish it wasn't true and will also be awake at night worrying about it.

[tobee43]

yes once we moved out we longer had to keep insurance or required to do any maintenance what so ever...no taxes..etc.

if someone falls on the ice and cracks their head opens it's the banks problem even tho we are still on the deed...that's just a technicality the bank has not taken care of.

any and all cost whether one is in a judicial or non-judicial state...those cost are in effect passed on to your bank in the form of liens against the property...when the property resales...those liens are passed on..and are pd by the new owner in a foreclosed property....including any fees the bank can squeeze out of the buyer.

[CCsAreEvil]

if someone falls on the ice and cracks their head opens it's the banks problem even tho we are still on the deed...

And you are 100% sure about that?

[LoadedGuns]

And you are 100% sure about that?

Did you read his signature?

Filed Consumer Chapter 7: 4/2010 341 meeting: 6/2010 No-asset distribution & Discharged: 8/4/2010
TYPOS R ME & I DO NOT CARE! IF YOU DO KEEP IT TO YOURSELF! ANY and ALL comments I MAKE are JUST Comments and ARE NOT LEGAL Advise! IS THAT CLEAR ENOUGH?

[tobee43]

And you are 100% sure about that?

yes......the day we surrendered it's the banks...500% sure...

[tobee43]

Did you read his signature?

Filed Consumer Chapter 7: 4/2010 341 meeting: 6/2010 No-asset distribution & Discharged: 8/4/2010
TYPOS R ME & I DO NOT CARE! IF YOU DO KEEP IT TO YOURSELF! ANY and ALL comments I MAKE are JUST Comments and ARE NOT LEGAL Advise! IS THAT CLEAR ENOUGH?

i'm a HER...

but i'm sure..... these comments or flood of misleading statements from persons that just guess are sometimes frustrating to say the least.

however, when one does surrender their house....AND the debt has in fact been discharged.....you have NO obligations to that house...your name remaining on the deed is just a technicality...especially today when the banks are so slow to complete foreclosures in many states and or accept warranty deeds and releases...the only other recourse to remove ones name is when the sheriff's sale is completed.

i can understand when people are squatting in their homes while going thru the foreclosure process still want to maintain insurance coverage...that's NOT what i'm speaking about here....i'm speaking about a vacate...surrendered, home in a non disputed fact of a no asset bk being discharged and complete.

[debee]

Surrender is a declaration of intent only. It doesn't change ownership. It {521 (2)(A)} was introduced with BAPCA because creditors, who could no longer contact the debtor because of the automatic stay, proposed it. They wanted to know what was going on with the property securing the loans included in the filing.

Surrender does not change the ownership interest. That is why the bank must go through the foreclosure process.

Until they do that, or until the homeowner transfers their ownership interest in sale for satisfaction of the lien, short sale, quit claim, deed-in-lieu, or whatever, the homeowner is personally liable for any lawsuits arising out of their negligence with regard to the property. (Transfer of ownership interest presumes the bk 7 case has closed and the trustee has abandoned the property)

The bankruptcy does not relieve them of that personal liability. It only relieves them of personal liability for the loan for which the house was security. If the house is damaged, it is the bank's problem because it just reduces the asset value. But any injury on the property is the concern of the homeowner.

An article by California lawyer Cathy Moran pertaining to the legal meaning of "surrender" and our responsibilities post-bk:

http://www.bankruptcymastery.com/surrendering-property-in-bankruptcy/

In California at least the homeowner is not personally liable for property tax. Those attach to the land and will become the bank's problem.

City codes vary. Some cities - like Vacaville,CA - explicitly state they will attach liens to the property rather than pursue the homeowner. If you live there, aside from personal liability insurance, you can walk.

Some cities with foreclosure ordinances don't indicate how they intend to pursue. And even without a foreclosure ordinance, there are still vacant property codes.

Article by Florida lawyer, Peter Orville, indicating you can end up in jail if you ignore the city ordinance even though you surrendered the property in bk:

http://www.*************************...-7-bankruptcy/

< I guess this link is not allowed. Sorry. Anyone who wants to read the article can find it by googling "Peter Orville City Fines"

Tobee - I wonder if you have drawn the conclusion based on your experience that since you were not sued, or pursued, that noone else will be. I can totally see where you are coming from if that's the case. Experience is a great teacher. Please don't take it personally that I have a different position on this issue. I only post on this because I am in this boat so I have special feelings for other people who are in this boat, or who will be. I would LOVE it if I could just walk away, but so far I can't find any evidence (other than your posts which I would love to believe) that it's possible without great risk.

The last thing I want post-bk is a judgment that I cant eliminate in bankruptcy.

[AlmostAmos]

Tobee43 is a she?! Geez, there goes that mental picture. I was picturing "Tobey".