I am seriously thinking about moving into a townhouse soon and letting my house go into forclosure. The reason is because as a single parent of one daughter getting no child support, I can't afford my house anymore. I have owned it since it was built in 2001. I was stupid and didn't know enough until recently about it and I am in an ARM Mortgage, it will adjust next year, I have been paying interest only for 1 1/2. My credit is not good and I can't get a lower rate for re-financing. The company New Century who I got the mortgage from is now bankrupt from all the sub prime mortgages.
The questions-If I move in the next few weeks, and the forclosure takes approx. 180 days, do I still pay my home owner's insurance while the house is empty until everything goes through?
I don't know how it all works. I haven't made my August payment and don't plan to because my homeowner's insurance jumped from $500-$983 in 2 years since Ivan it hit us in Pensacola FL. I had no damage, and now they want to raise rates another 50% on top of how high they are now. I will be able to rest easy after all of this is done, but I will miss my house.
Any tips and help about the insurance would be appreciated.
Thank you for reading such a long post!
Gwen
The questions-If I move in the next few weeks, and the forclosure takes approx. 180 days, do I still pay my home owner's insurance while the house is empty until everything goes through?
I don't know how it all works. I haven't made my August payment and don't plan to because my homeowner's insurance jumped from $500-$983 in 2 years since Ivan it hit us in Pensacola FL. I had no damage, and now they want to raise rates another 50% on top of how high they are now. I will be able to rest easy after all of this is done, but I will miss my house.
Any tips and help about the insurance would be appreciated.
Thank you for reading such a long post!
Gwen
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