Letting home go back - do we still pay taxes & insurance?

[basketsbears]

Hi,

Just wondering if the house is empty, do we still need to pay taxes, insurance and utilities?

Thanks!

Lynn

[debee]

I would disconnect the utilities. You don't want the city/county/water company pursuing you for debts incurred post-bk. Real property taxes attach to the land. You can leave those and the bank will pay them and roll it into their foreclosure costs.

I have two rental properties in foreclosure. I stopped paying the taxes, had the tenants put all utilities in their names but kept them both insured. I wanted protection against personal liability. Both of the properties are still occupied so I haven't had any issues with vacant property insurance costs.

[basketsbears]

Thank you. We are presently in the process of having our renter pay or get out, and I don't think we will be re-renting it as we have no idea when BOA will be foreclosing. It has been about one year since we made any payments.

We have been paying the dwelling insurance along with taxes all along. There is not an escrow account. We have not filed BK yet - not sure if we should just wait until BOA does something or not.

Thank you.

Lynn

[AngelinaCatHub]

I would do what debee did. Have renters stay on, put utilities into their names and use the income on "exempt" supplies, and storable foods. Once you file do NOT pay anyone except items that are secured if you wish to keep them. Don't make a mistake by paying a preferential creditor even if it is a friend. Stop paying the taxes as debee stated but yes do pay the insurance. Particularly if you do not know the renters well. 'Hub

[basketsbears]

Our renters have not been paying us, so that is why we are asking them to get out.

I know this sounds dumb, but if the house is vacant, I still worry about the house when it gets cold, like pipes busting or something. My husband already mailed the taxes for November 10th.

Does anyone know how long BOA takes to foreclose? It has been one year till we paid anything.

[HomeNow2]

Funny, we are in a similar boat....renters who pay us $0.00

We are in pre-forclosure but did not reaffirm post BK7.

WHEN we move out of our primary, our house WILL FLOOD when we turn off utilities. Do we tell anyone or just go and let them figure it out????

Renters who pay us nothing......3+ years and STILL no sale. UGH. Really..........

[debee]

I stopped collecting rents when I stopped paying the mortgage. I told the tenants they could stay rent-free until they were evicted or got a cash for keys deal, but that they had to pay their own utilities, etc.

They keep the lawn mowed and prevent vandalism & both of those things can becomes issues with the city. I didn't want to get a fine for long grass, or a notice that I had to go board up a window. The properties are in another city. So for me, it's better that they're there. Plus I felt bad for them having to move and I wanted them to be inconvenienced as little as possible.

The bank will send their own people out to secure the properties once they're vacant and if they want the utilities turned on, they can pay for that.