House

[youngbroke]

If I'm surrendering a house in the chp. 7, how long should I keep paying the homeowner's insurance? Is it until the house is foreclosed on? Is it after discharge?
Thanks

[ace13]

If it were me, I would surely continue to pay the insurance until I no longer owned the home - until the property was transferred. There would be no way I would want to live in the house/own the home and not be covered by insurance. Especially in today's world.

[frogger]

When are you surrendering the house? As long as you have keys, you have possession.

You could choose to move out and surrender the keys to the bank. Only at that time would I consider dropping insurance. Get something signed from the bank that will verify they have the keys and possession.

[youngbroke]

We are moving out the end of the month. Instead of being forced out, since I intend to surrender it; I am moving now, instead of later. (I also want to go ahead and switch my kids schools after the semester; instead of having to move than march or april of a school year. So, when I move out; I just mail the keys to the lender?? After they have received them, is that when I can stop the homeowner's insurance?

[youngbroke]

Okay, I read your last sentence over again frogger. Only after surrendering keys and having acknowledgement of them being in possession of said home, I should then drop insurance; but not a minute before basically....

Thanks

[youngbroke]

I also emailed my lawyer with this question; but sometimes they are busy, so I like asking here to see if anyone else had actually done what I have.

[gwar11d2]

My mort company for a house I surrendered said back in March they didn't receive paperwork for my insurance so they took out a policy on my behalf and billed me for it... I let me coverage lapse based off of this...I have the paperwork saying they took out a policy. Since they charged me for it and all of that and fees are included in my Chap 7. I don't know about other people, but I read "Surrendering" as giving it back to the lender... the definition of surrendering kinda makes it seem like you're giving back things to the lender right? If for some reason a fire breaks out and destroys the property post bankruptcy, what would happen? I would think that the lender would want to protect their assets...