Will I still owe my home insurance if I lose my house?
December 20th, 2011
Question by Amber: Will I still owe my home insurance if I lose my house?
I can’t afford my home insurance because of severe water damage that caused my insurance premium to go up. I need to file bankruptcy for my bills & I am ready to go into foreclosure because I am on unemployment. I hear that if you don’t pay your home insurance your mortgage company buys home insurance for you at a higher price, forcing you to pay it within your mortgage. What happens if my home goes into foreclosure and I file bankruptcy? Will I still owe my home insurance? Thanks.
Best answer:
Answer by Will
If you wish to retain your home and your mortgage has insurance built into an esgrow that the mortgage company pays out twice a year as well as say your property taxes then you have nothing to fear. However the mortgage company could seek a relief of stay due the fact that your payments are late and your home has no insurance coverage. If you do not plan to retain the home and you are just biding time until eviction then you can allow payments on the mortgage and insurance to lapse.
Add your own answer in the comments!
Popular Posts:
- Appraising a Vintage Car
- My Deed of trust has the wrong property address. Is this covered by the Title insurance?
- Betting Terms Su | Forum Resources
- How can my husband open a life insurance policy?
- How can my husband open a life insurance policy?
Tags: