Found an insurance company to insure my foreclosure home ...

[tobee43]

Wow that is high on the heating and electric! I have a friend in a tight spot with her housing, so it will work out for all of us. Her home was just sent to auction, after two+ years of not making a motgage payment.

Question: If your old house in not foreclosed on as of yet, why do they have signs that say "bank owned"?

yes, we HAD the same question!!!....besides they have BIG signs across the front door ( an old neighbor took pictures) stating the BANK winterized the house!!! they CHANGED all the locks....pad locked all the gates...and it's NOT even theirs yet...we thought. the signs were up prior to the bk...which i think the actual process of the foreclosure halted with the auto stay...however, they were still premature posting a HUGE sign out there as far as we were concerned.

we keep checking the sheriff's sale site and NOTHING!!!

so here's what we are thinking...1). the documents are those that were fraudulent...2). the house is in such bad shape after being empty...(it flooded after the town changed the curb in the road)...so the house cannot be sold??? WE DO NOT KNOW!! LOL!!! what a mess! that's all we know. and our atty says oh...don't worry, well i still want our names off the deed and it appears it's going to be taking the rest of my lifetime to get that done...since if the bank already refused a deed in lieu and they don't do a sheriff's sale...our names will be on there forever and all the time left in the universe!!

[mrskal]

Wow that is high on the heating and electric! I have a friend in a tight spot with her housing, so it will work out for all of us. Her home was just sent to auction, after two+ years of not making a motgage payment.

Question: If your old house in not foreclosed on as of yet, why do they have signs that say "bank owned"?

[tobee43]

You can insure a vacated house, my insurance company (well known larger company) and a few others I talked to will, but they wont if it is in the foreclosure process. My broker said if I vacate they will cover it, but the rate will skyrocket. I am leaving mine as is for now. So, for me, I will have a friend living in my house until it is foreclosed on.

My advice is dont go and try to get a new policy, stick with what you have. I wanted to get a new company because my rates are rediculous but I will just keep what I have. I did change my cars over cuz they were rediculously high with no reason.

oh...yes, i understand that...but your correct NOT in foreclosure...however, our insurance company would not cover when we left period. we were with a major company when we vacated...actually left the state...we called the to cancel our auto and they mentioned that they can no longer cover the house since it was vacated. they dropped us on the SPOT!!! no place to go...nothing we could do...however, as you pointed out the house ...well, was just in the beginning stages of foreclosure, although the insurance company stressed the fact about it being vacated by the owners more than when i explained about the summons of foreclosure. it was also mentioned at the time that it was an escrow account and the house was covered through out the year, however, the insurance co. sent US the refund...even tho the bank issued the payment.

again...i have no clue...all i know as of this date...2.7 years after leaving that house...it's still not foreclosed and the bank does have a "blanket" policy covering damage, liability...(no trespassing signs all up along with "bank owned" signs). etc.

GREAT idea about having someone stay in the house...wish we could have...but the heating cost and electric ran over $1100 alone...so NO one wanted to be in there!

[mrskal]

yes, most will not cover a vacated house...where people get that idea..is beyond me. however, i have actually seen a few post here that DID get insurance...how...no clue...we can't where our house is located....it's covered under a "blanket" bank policy once we vacated. but, if one is still in their house it's a problem for certain...

You can insure a vacated house, my insurance company (well known larger company) and a few others I talked to will, but they wont if it is in the foreclosure process. My broker said if I vacate they will cover it, but the rate will skyrocket. I am leaving mine as is for now. So, for me, I will have a friend living in my house until it is foreclosed on.

My advice is dont go and try to get a new policy, stick with what you have. I wanted to get a new company because my rates are rediculous but I will just keep what I have. I did change my cars over cuz they were rediculously high with no reason.

[tobee43]

The guy she talked to had to actually ask someone else in the office because he did not know. They probably don't even know what they insure and don't! LOL

yes, most will not cover a vacated house...where people get that idea..is beyond me. however, i have actually seen a few post here that DID get insurance...how...no clue...we can't where our house is located....it's covered under a "blanket" bank policy once we vacated. but, if one is still in their house it's a problem for certain...

[MeLLE159]

HI AbbeyA,
I know for a fact that if your home is in foreclosure that Foremost doesn't insure them. I would strongly advise you to contact your independent agent to make sure he is correct in the information he provided you. Secondly, Inspections are done through Foremost so did you get a vacant policy or homeowners policy? Because if you got a homeowners policy an they inspect the home in 2 weeks and its vacant your policy will be cancelled because your not living in the home. Thirdly, if you did get a homeowners policy and your not living in the home an its vacant for sometime like 30 days an something happens you may not be covered. So just check those things out. I know sometimes independent agents(who work for themselves) are trying to write business an sometimes they do it incorrectly. So just make sure you have what you need.
Good Luck!

Our home is in foreclosure ... bottom line, State Farm found out about the foreclosure and canceled our homeowners insurance plan. So today we were able to get coverage on the home until the deed is transferred out of our names through Foremost Insurance Co. They also insure vacant homes.

We had an independent insurance broker find coverage for us and this is the only company that will insure a home in foreclosure/for people with poor credit or a recent bankruptcy. Their website is http://www.foremost.com/

I am very relieved to have this plan in place and grateful that there is an insurance company out there that recognizes a significant need/niche for so many of us out here drowning in the mortgage meltdown crisis. The last thing we need is to have something happen to someone on our property and we are liable for it. There was someone who posted a while back in one of the insurance threads about finding insurance through this company on her home while it was in foreclosure as well.

[AbbeyA]

Mrskal, you have a private message from me ....

[mrskal]

The guy she talked to had to actually ask someone else in the office because he did not know. They probably don't even know what they insure and don't! LOL

[debee]

That's weird, mrskal. I called them before I posted the info and they told me they will insure a house after it's been vacated and up to the point of foreclosure sale.

[mrskal]

@Debee-Tgi insurance, My friend in Georgia called on this one, won't write a policy if house is in foreclosure either. They told her they will do a vacated house, but can't be in foreclosure process.

[AbbeyA]

As far as the original post about Foremost insurance, I called them and they will not write a house that is currently in foreclosure process. At least that is what I was told.

Hmmmm, I'm sorry to hear that. I wonder if the insurance broker didn't actually tell Foremost that we are in foreclosure but that we had a bk on our credit report??? I disclosed everything to him but I guess I really don't know exactly what he said to the insurance company. I just know that he said that Foremost was the only one who would insure us. Maybe you can contact an individual insurance broker who shops around all the different companies and see if that makes any difference.

[tobee43]

i'm sure it good that some states can get covered..unfortunately in the state our property is in will not cover any house i know many people having the same problem in the NORTHEAST! LOL!! i know nothing about southern states at all.

[debee]

http://www.tgiinsurance.com will insure vacant homes in Florida, NC, SC or Georgia regardless of why it is vacant - foreclosure, for sale, moving, whatever. They offer 3 month, 6 month, etc policies as well. Their toll free number is (800) 531-9725

[tobee43]

As far as the original post about Foremost insurance, I called them and they will not write a house that is currently in foreclosure process. At least that is what I was told.

i hear you...in our state NO insurance co. will cover a house that you have vacated or is in the foreclosure process...but i think a few have been able to get coverage in some states.

[tobee43]

So how do you KNOW and prove that you don't need to pay insurance again until title is legally out of your name again? Because your lawyer said?

You are NOT "living the experience" that something bad happened to someone on your property right now unless I missed that. And again, it will not even happen so we'll never know.

our bank has a blanket policy covering our house...maybe not yours...so you need to look into for yourself in as much as what the banks do with the properties and how they are treated....i only know what's happening with mine...i can't speak for anyone else..each state and each bank handles the situation differently.