Shut off Utilities and cancelled Insurance

[debtmonster]

DM, the odds are good that you'll be fine, BUT you are taking a risk by cancelling your insurance. What if there was a fire or a flood?

Don't care. I'll just owe the money which I will include in the bankruptcy. No skin off my back.

[wonkettegirl]

DM, the odds are good that you'll be fine, BUT you are taking a risk by cancelling your insurance. What if there was a fire or a flood?

I agree that it makes the most economic sense to stay in your home until you are forced to leave, but for some folks "peace of mind" has value, too, and that can outweigh the $$ they spend on rent elsewhere. But, whatever works for you!

[debtmonster]

I stopped paying my home owner's insurance 3 months ago. I am staying in the house until it's sold and the cops come and kick me out. Every month that I stay in the house is another month I am not paying $1200/mo. rent some place else. Why anybody would move out of the house before the cops come is beyond me. You should be staying in that house and hoarding all the money you can to pay for a rental.

We spoke with a woman from my wife's old job and she's been in her house for 13+ months without paying a penny so far.

[kenshirley]

We surrendered our mobile home some months ago. The bank knew we had to do it and we had not even filed BK yet.
When I told them it was theirs I canceled the insurance on it the same day. I also told the bank I was doing this.
There was nothing said.

[mintz]

I agree to get things in writing. I will send emails as often as possible and ALWAYS ask a question so I get a reply ie.... Is this what we agreed on? You said we can cancel our insurance. Is this correct?

[TEW]

Yeah that is a scary thought and why we haven't done anything until now. It has been vacant since Oct. They have come in and changed locks, have stickers on front door and they winterized it 3 days ago. I Hope we haven't made a horribly bad decision, we are just trying to stay afloat. She said their insurance takes over when they secure the home, hope she's right. We live 2 miles from the house, i check it everyday and have old neighbors keeping eye on it too.

I changed the policy to structure only and liability. It didn't cost me anything since the full policy was already payed

[jandrl2001]

Yeah that is a scary thought and why we haven't done anything until now. It has been vacant since Oct. They have come in and changed locks, have stickers on front door and they winterized it 3 days ago. I Hope we haven't made a horribly bad decision, we are just trying to stay afloat. She said their insurance takes over when they secure the home, hope she's right. We live 2 miles from the house, i check it everyday and have old neighbors keeping eye on it too.

[TEW]

well my mortgage company said that also but my lawyer said keep the insurance. keep in mind your name is still on the deed and you are still responsible for the property. as she put it if the property became a hazard say he cough fire and the township wants it torn down. guess who pays YOU.

[jandrl2001]

I do have her name and direct #. Maybe that is a good thing to do, i will call her tomorrow and see if she will send me something. We just could not afford 2 gas, electric, and water bills, it was killing us.

[AngelinaCatHub]

Please get all of that in writing. You don't want the mortgage company to get a convenient case of 'amnesia', or deny knowing the person you talked to. Just my opinion, 'Hub

[jandrl2001]

We are surrendering our home in our bk. I hoped the mortgage co. would have filed to lift stay but as of yet, nothing. I contacted the bk dept. and they told me they would secure the house, not to worry about it. She told me that since they know it is vacant it is their deal to take care of it.(winterize, change locks and so on). I asked specifically about the insurance and utilities , she assured me to cancel them. I hope she is right and we haven't done anything to screw things up. We are in Arkansas if that helps.