Quick question about HOA and home insurance...

[Panacea]

On my future expenses....since I'm letting the house go but will have to continue paying HOA and should keep the insurance till sold...I should put that on my schedule...yes?

ANOTHER question...if I'm keeping the car now, I won't need to present my title to it, will I?

Sorry, obsessing again, but getting quite good at being the freak I've become ;)!!!

[drowning123]

You will need the title. At my 341, the trustee asked a couple of people for theirs. If they didn't have it, he told them to get it to him in 2 weeks. Hell yea, you should put the HOA and insurance on your schedule. I hope you included your mortgage too. I included everything as if I didn't stop paying anything.

[tobee43]

why are you paying the insurance...you don't have too...just the HOA dues....not insurance...leave that to the bank...it's part of the foreclosure fees....

[Panacea]

You will need the title. At my 341, the trustee asked a couple of people for theirs. If they didn't have it, he told them to get it to him in 2 weeks. Hell yea, you should put the HOA and insurance on your schedule. I hope you included your mortgage too. I included everything as if I didn't stop paying anything.

YAY! Just to clarify, you put your mortgage on your schedule even though you were given up the house?

why are you paying the insurance...you don't have too...just the HOA dues....not insurance...leave that to the bank...it's part of the foreclosure fees....

Well, I haven't paid it yet...not due. But before house is foreclosed, I'm just not paying the mortgage, and I move out during this and rent....what if it burns down or major water pipe break, or a tornado hits or earthquake, or meteor strike????????????? lol!!! I wouldn't be responsible?

[tyson24]

Is your insurance escrowed? Beause if it is, like mine, my mortgage company has kept paying it. I quit paying 2 years ago!

[Panacea]

Is your insurance escrowed? Beause if it is, like mine, my mortgage company has kept paying it. I quit paying 2 years ago!

Yes, it is....sorry, I should clarify. It only covers so much though. I have additional "condo" insurance (though its a townhouse). I honestly can't tell you why I have the extra? I'm sure there is a reason, but I don't know what it is at this moment now. This BK thing is like waking from a dream!!!!!! Checking it out now.
--------------- hold please! ----------------------
So, I just checked it out...its more personal stuff. The insurance through the HOA is just the physical house. This is separate, covers personal property, personal liability, and medical payment to others.

[tcreegan]

Hi Panacea,

The general opinion around here is that you need to keep liability insurance until your name is off the deed/title. Generally the lender will put hazard insurance on the place once they figure out you have dropped the coverage or vacated. This is probably the CYA approach, but I don't know if it has ever been tested legally; ie a case where a person was held liable for an accident on a property surrendered in a BK. Anyone heard of a case?

Tom in Colo

[tyson24]

So the insurance for just the house is PMI? That you pay for through the mortgage company? I am only asking to clarify. My home owners insurance covers all those things you listed.

[Panacea]

So the insurance for just the house is PMI? That you pay for through the mortgage company? I am only asking to clarify. My home owners insurance covers all those things you listed.

No PMI on my mortgage. I pay "condo" insurance separately. I'm so confused. I think on my HOA, it covers "physical" damage, but doesn't completely cover everything. For example, a bunch of our townhomes had damage to their homes, due to the snowstorm last winter, which repairs were covered by HOA. But if my personal items were ruined, or someone was hurt in my home, that wouldn't be covered...........Does that make sense?

Its not "mortgage insurance" its home owners insurance. The HOA only covers so much....the HOInsurance covers the rest. My mortgage does not pay home owners insurance for me, just property taxes, and I don't have the PMI.

[tyson24]

I gotcha. I have never owned a condo so I wasn't sure how it went. Knowing that though, I would keep the insurance just in case like a PP said

[Panacea]

Hi Panacea,

The general opinion around here is that you need to keep liability insurance until your name is off the deed/title. Generally the lender will put hazard insurance on the place once they figure out you have dropped the coverage or vacated. This is probably the CYA approach, but I don't know if it has ever been tested legally; ie a case where a person was held liable for an accident on a property surrendered in a BK. Anyone heard of a case?

Tom in Colo

Hi Tom!
Thanks for the info....knowing my luck lately, I thinks its best. Not overly expensive, just something I'd like to not worry about, but if it could possiby help in a off the wall accident, its worth it.

[drowning123]

I've surrendered my house and I'm still paying the insurance until it forecloses.

[tobee43]

Hi Panacea,

The general opinion around here is that you need to keep liability insurance until your name is off the deed/title. Generally the lender will put hazard insurance on the place once they figure out you have dropped the coverage or vacated. This is probably the CYA approach, but I don't know if it has ever been tested legally; ie a case where a person was held liable for an accident on a property surrendered in a BK. Anyone heard of a case?

Tom in Colo

tom...that has been my contention with chase for almost 2 years....i recently sent them a letter advising them we have no liability and enter the property at their own risk letter...(certified). since they refuse a warranty deed and release...

our atty says do not worry, and do not bother about it since it is clear on the petition we surrendered the house they have all "legal" liability if they chose to enter the property....it was in FACT handed over and surrendered.

we have not taken to "legal" task the actual question. however, according to all "legal" persons i have spoken to (and this is pertaining to a single family dwelling with out an HOA), once the property is surrendered and the bank, whom had opportunity, but never fought it, at that point it becomes the banks problem, hook, line and sinker....and, from what i also understand all types of insurances are figured and required in the foreclosure fees and past through the bank itself, not back to the old owner.

but really...i guess i could find out the hard way! we have tried everything to get them to put the property up for sheriff's sale so the deed can be transferred that way and or recoup their monies via PMI (which an actual sheriff's sale must take place prior to requesting money back from an FHA)....but they are doing nothing...so there is nothing more to be done. i checked with FHA....our bank hasn't even filed any paper work for them.

so my consensus is, even if one would attempt or try to find us liable, we would prove the property was in the banks hands and not ours.