?? for those who have Foreclosed/Surrendered Already

[csrhjr31]

My husband and I are in the process of moving out of our home that we will hopefully be surrending. My question is what did you do with the house? Did you keep the electricity on? Did you continue to mow the grass? Did you keep it insured? We will be moving out before our discharge, so we are still responsible for the home. Wasn't sure when to stop these things, especially if we have to go through the entire foreclosure.

[Frogge]

We are giving our 2nd house up, and we asked this question to the attorney.. he said if we want to stop paying the utilities and maintenance on the house, to notify the lender(s) in writing that we intend to do so.

[BK2008]

I would keep the insurance on it. You are still liable until title transfers. And if you cancel, the lender can force a policy on you that will be more expensive than what you get on your own.

Shut off the utilities, and if you live in a deed restricted community, you may need to do lawn maintenance to keep from getting the nasty letters.

Let your lender know that you have moved out, the insurance is still in force.

[AngelinaCatHub]

In my opinion, you should keep the electric on. It will not cost much if you turn off the water heater and other appliences. Put a timer on a lamp they don't cost much. Also a radio. Keep blinds closed and check on it if convenient. A vacant house is prime for rip offs. I have heard of people going into the place and trashing it for the copper in the wires and plumbing. 'Hub

[hnhlvr]

I called my insurance co about that and the rep said as long as you prepay your insurance and it's added to your mortgage pmt for the year, your house will be covered for the remainder of that year. If you bought your house in an August month, then your insurance will be up for renewal then and after that point, since you won't be renewing it due to foreclosure, there will be no insurance from then on. If you bought it in a Nov. month, then your insurance would be valid until nov.

[BK2008]

I wonder, if I have an escrow account that pays the insurance premium, will that renewal be paid out of those funds?? Or do I need to call the insurance company and get a minimum policy to cover while the house is in the foreclosure process??

My insurance renews in October, I doubt that the foreclosure will be complete by then, but I have funds in escrow.

[Frogge]

My insurance policy renewed last month, the funds were paid out of escrow.

I agree about the lawn, I prepaid the realtor $60 for a guy to mow this month. Since we live 960 miles from the house, we can't do it or we would.

[BK2008]

My insurance policy renewed last month, the funds were paid out of escrow.

I agree about the lawn, I prepaid the realtor $60 for a guy to mow this month. Since we live 960 miles from the house, we can't do it or we would.

Is your house in foreclosure??

[Frogge]

Mine is not in foreclosure yet, but headed there if my attorney doesn't work out a deed in lieu.

If there is available money in escrow to pay your insurance premium, the lender will make your payment from those funds, in foreclosure or not. They do not want to risk it being uninsured.

If there is not sufficient funds available in escrow to pay your hazard insurance when it's due, then they will pay it, or force place it, and add the deficiency of the premium to the total that you owe on the mortgage.

[BK2008]

Most of the tax bill and the insurance for 2008 is alreay in the account.
I even did them a favor and got the prop tax reduced by $300 for the year.....

[CastleKnight]

Our attorny told us she would inform the lender we had vacated the proerty and it was all theirs..... we left it clean and empty. We turned off the power,water oof, cancelled the ins. got a refund for the remainder of the policy, mowed one last, time shut the door and left. The bank sent a notice that they had taken over the ins and control of the house shortly after we left. we have been dischaged since March 26, 2008.

[BK2008]

Our attorny told us she would inform the lender we had vacated the proerty and it was all theirs..... we left it clean and empty. We turned off the power,water oof, cancelled the ins. got a refund for the remainder of the policy, mowed one last, time shut the door and left. The bank sent a notice that they had taken over the ins and control of the house shortly after we left. we have been dischaged since March 26, 2008.

What state are you in?? How long was the time frame from the last payment to the lender's takeover?

[Priceless ProSe]

My husband and I are in the process of moving out of our home that we will hopefully be surrending. My question is what did you do with the house? Did you keep the electricity on? Did you continue to mow the grass? Did you keep it insured? We will be moving out before our discharge, so we are still responsible for the home. Wasn't sure when to stop these things, especially if we have to go through the entire foreclosure.

WHat state are you in?

[csrhjr31]

Illinois

[Priceless ProSe]

Yeah being that illinios uses a judicial foreclosure process its best to play it safe. Id keep isurance, but not mow the lawn (im too lazy/buzy- lol)