Could someone answer a few more foreclosure questions for me?
My wife has started asking me a few questions that I don't have the answers to. And of course, now she has me thinking about it and worried.
1. Currently, the Order of Sale has been issued to the Sheriff. A woman (assuming an appraiser) came by the house last week to take pictures. We will officially file our paperwork (Chapter 13, surrender home) next Monday. My wife is asking if we will owe the difference between what the home goes for at auction and what we owe (with first and second mortgage, we are very upside-down on the home). I have ready many, many of the posts here, and if I understand correctly, we will not be held liable for the shortage as it will be part of the bankruptcy. Am I correct?
2. What happens when another property tax bill comes due and there is no money in escrow to cover it? I realize it will be my responsibility unless the sale at auction occurs first, correct? If I am liable, should I try and include that amount in the bankruptcy? Can I include an amount that is not actually due yet?
3. Concerning insurance on the property, how will I know when it is safe to cancel our homeowner's policy?
4. When we bought the home, there were no appliances. Our rental has no appliances. Are we allowed to take our appliances with us to the rental?
I think that's all for now. Thanks in advance to anyone who may have some guidance on these issues.
1. Currently, the Order of Sale has been issued to the Sheriff. A woman (assuming an appraiser) came by the house last week to take pictures. We will officially file our paperwork (Chapter 13, surrender home) next Monday. My wife is asking if we will owe the difference between what the home goes for at auction and what we owe (with first and second mortgage, we are very upside-down on the home). I have ready many, many of the posts here, and if I understand correctly, we will not be held liable for the shortage as it will be part of the bankruptcy. Am I correct?
2. What happens when another property tax bill comes due and there is no money in escrow to cover it? I realize it will be my responsibility unless the sale at auction occurs first, correct? If I am liable, should I try and include that amount in the bankruptcy? Can I include an amount that is not actually due yet?
3. Concerning insurance on the property, how will I know when it is safe to cancel our homeowner's policy?
4. When we bought the home, there were no appliances. Our rental has no appliances. Are we allowed to take our appliances with us to the rental?
I think that's all for now. Thanks in advance to anyone who may have some guidance on these issues.
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