Insurance Requirements While Waiting for Foreclosure

[AngelinaCatHub]

From what I've seen around our County (in FL) they are just too busy to care. Also you did hear B of A is in enough trouble to drop 40K people in a lay off? When this happens, they will be even more stressed to take up the trouble to foreclose. I would not worry about the house. Sounds like they have been adequately notified. 'Hub

[hedgecat]

So BOA was notified that my house was empty by my former insurance company (who dropped me because the house was empty). BOA is saying they are going to take out "Lender-Placed Hazard (homeowner's) Insurance" for the cost of $1,225.00 at my expense. Now, it does look like they're just going to include it in the (now negative) escrow balance, which I'm assuming they're going to have to eat once they finally forecose.

I moved out of this house two years ago (and moved across country), stopped paying on it in October of 2009, filed BK and included the property in the BK over a year ago.

They won't take the danged thing back - no one wants to buy it (BOA wouldn't tell me how much I could list it for on a short sale and I don't think I should have to sell it for them anyway since I gave it up in the BK) and I'm just stuck getting threatening letters from BOA that I need to insure the property. Like I say, in the end - in five years or whenever they get around to it, they'll be eating even more money.

I had PMI - why they won't take this fairly new and in good shape house back and sell it (even at a loss to them) is beyond me.