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Guest

we got our forclouser papers and decided to move we have tried three time for a loan modification had to file chapter 7, and stuip wells fargo wont let us deed the house to them so they will go thru the forclourse process.

my questions is once I move out do I have to keep the house insured till they take it over and if I don't will they come after me. We had to move before they took the house because where we live it is hard to find a place to rent that allows three dogs.

I ust want them to leave me alone seeing we filed chapter 7

gmakerley · Posted: Fri Mar 05, 2010 10:08 am Post subject:

as the homeowner you'd be responsible for insuring the home - that's true.

however, under the circumstances, i can certainly understand your reluctance to do so; and i have to guess that the lender wouldn't be surprised to learn that you would allow the policy to lapse. in fact, it makes a great deal of sense to fail to insure a home that you're about to lose anyway. it might not be totally appropriate, but i cannot see any reason to persuade you to continue paying premiums.

the lender will obtain its own insurance at some point - they may have already done so.

i won't come out and say it directly, but if you were to call your insurance agent and cancel the policy, i'd have to say it would be a reasonable move on your part. if you're really, really, really nice about it, you'll call the lender and let them know your plans.

Guest

Can the lender force you to pay for homeowner insurance

Guest

As much as I know, the lender can force you for paying the homeowner's insurance.

gmakerley · Posted: Mon Mar 08, 2010 2:48 pm Post subject:

if a homeowner does not carry the required insurance coverage, a lender will obtain a policy by itself and duly charge the customer for that coverage.

Guest

what is you filed chapter 7

jameshogg · Posted: Tue Mar 09, 2010 11:14 pm Post subject:

Hi Brom,

If you filed Chapter 7 and reaffirmed your mortgage, then the lender will have the rights to ask you for homeowner's insurance. This is because after the reaffirmation, you would become personally liable for the loan.

Thanks

Guest

but I didn't reaffirmed on the loan they are forclosing on the property I was served in February

Thanks please help

Niicss · Posted: Thu Mar 11, 2010 2:50 am Post subject:

If you did not reaffirm your loan and you haven't paid the dues to your lender, he has the rights to foreclose the property. This will help him in recovering the dues but the lender will not be able to come after you for the deficient balancing resulting from the sale of the property as it was included in your bankruptcy.

Guest

Ok I understand that but do I have to keep up the Homeowners Insurance still or can I finally move where my husband is.

sara · Posted: Fri Mar 12, 2010 2:41 am Post subject:

Hi Brom,

I have given my suggestions regarding your query in the given page:
http://www.mortgagefit.com/bankruptcy/ch7discharge-taxes.html#154888

Take a look at the page. I hope it will help you.

Take care.

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