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Keep up homeowners insurance???

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    Keep up homeowners insurance???

    Planning a ch.7 closer to the end of the year, and will be giving up my townhome. Stopped payments on my first and second mortgage's in january. Still keeping up on my utility bills and my association dues.

    Should I keep paying my homeowner's insurance??? It was wrapped up into my mortgage payment, so I would have to make a separate payment to the insurance company.

    #2
    You should as you are responsible for anything that happens with that property--even if a trespasser gets hurt trying to break in--while that property is in your name.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

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      #3
      Originally posted by loser104 View Post
      Planning a ch.7 closer to the end of the year, and will be giving up my townhome. Stopped payments on my first and second mortgage's in january. Still keeping up on my utility bills and my association dues.

      Should I keep paying my homeowner's insurance??? It was wrapped up into my mortgage payment, so I would have to make a separate payment to the insurance company.
      I believe most policies are paid annually by your mortgage company. If you haven't already, check and see when they last paid. Yould could be paid up for a while. Even if it is coming up soon, you should have an escrow balance built up and the bank would go ahead and pay the policy. They would then adjust your escrow for the next year to make up the balance. Obviously you should confirm this with your bank, but I imagine that this is the case.
      Wife Laid off - 11/16/2009 Missed First Payments - 12/5/2009
      Filed Chap 7 - 12/31/2009
      341 - 2/12/2010
      Discharged - 4/19/2010

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        #4
        Originally posted by BCA2009 View Post
        I believe most policies are paid annually by your mortgage company. If you haven't already, check and see when they last paid. Yould could be paid up for a while. Even if it is coming up soon, you should have an escrow balance built up and the bank would go ahead and pay the policy. They would then adjust your escrow for the next year to make up the balance. Obviously you should confirm this with your bank, but I imagine that this is the case.
        I agree but BE SURE that it is paid. If not, get yourself another policy as you own that house until it is taken out of your name. Even in bk, if your house is destroyed, that could be an issue for an Adverse Procedure for lack of responsibility that you have knowledge of. Also, if sued for an accident, that Judgment might not be a dischargeable debt. CYA if you may. 'Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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          #5
          Our lawyer told us not to worry about the house insurance when we asked about it. The mortgate comapny WILL pick up a policy for you if you don't have insurance. Your personal items are not included but anything pertaining to the property or structure is included.

          If you have a lawyer ask your lawyer the question as your lawyer will know your State laws.

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