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Do you need to keep paying for home insurance when your home is being sold due to foreclosure?
Wiki User
∙ 14y ago
Yes, you need/should keep paying for the insurance until you are not on the title anymore.
Wiki User
∙ 14y ago
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Who pays the mortgage on deceased parent's home?
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
Does private mortgage insurance change the foreclosure or deed in lieu proceedings?
Private mortgage insurance or PMI is insurance to protect the lender if the home is foreclosed upon and there is a deficiency. That deficiency is paid by the insurance company. It would not appear to have an effect on the foreclosure proceeding, just on your liability for a deficiency. However it is to your advantage also to have MI if your house goes into foreclosure. Not only do they pay the lender and cure a portion of the definciency, but often they get involved up front and try to work with the borrower and lender both to avert the foreclosure. That way they are paying a lower claim and the borrower gets to keep their house. I've even heard of the insurance company helping the borrower get short term loans, renegotiate the mortgage or helping them find a buyer.
Does house insurance cover a mortgage if the holder dies?
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
If your home owners insurance is part of your mortgage payment and you stop paying your mortgage what happens to your insurance coverage?
Once you have defaulted on your mortgage or have gone into foreclosure all your rights on the homeowners policy are null and void. all rights of recovery revert to the Mortgage company. Basically you become uninsured and the mortgage company remains insured through the policy term. Also if the policy gets cancelled due to the foreclosure any refunds belong to the mortgage company.
Can you rent out your home while home is in foreclosure?
Yes you can, but in most states you have to tell the potential tenant about this foreclosure.
If your renting a home in foreclosure when do you stop paying rent?
Not until there is a foreclosure sale.
How do you prevent your home from going in to foreclosure?
By paying your mortgage payments on time.
Do you keep paying rent to your landlord being that foreclosure letter are coming to the home?
yes. you arer under contractual obligation to pay regardless of what is happening with the landlord
When the bank forecloses are you responsible for paying for home hazard insurance?
When the bank takes possession of the house after the foreclosure process is complete, then you can cancel the hazard insurance for your home. It is wise to keep it going should anything unforeseen happen to the house, since you could end up owing more.
Who pays the mortgage on deceased parent's home?
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
There is insurance money for home repairs being held by the mortgage company what happens to this money during a foreclosure?
I really recommend calling your mortgage company to ask.
If you are behind on your mortgage will they keep your insurance claim?
If your home is in foreclosure then yes they apply it to the loan balance in the event you loose your home.
Do you keep paying rent to your landlord being that foreclosure letter are coming to the home in new york?
Your payment may have to go directly to the bank if they have taken possession. You should contact the bank with this question!!!
Does private mortgage insurance change the foreclosure or deed in lieu proceedings?
Private mortgage insurance or PMI is insurance to protect the lender if the home is foreclosed upon and there is a deficiency. That deficiency is paid by the insurance company. It would not appear to have an effect on the foreclosure proceeding, just on your liability for a deficiency. However it is to your advantage also to have MI if your house goes into foreclosure. Not only do they pay the lender and cure a portion of the definciency, but often they get involved up front and try to work with the borrower and lender both to avert the foreclosure. That way they are paying a lower claim and the borrower gets to keep their house. I've even heard of the insurance company helping the borrower get short term loans, renegotiate the mortgage or helping them find a buyer.
Can a creditor put a home on foreclosure due to not having home insurance?
Yes, Maintaining your Home hazard Insurance Policy is a requirement of your Mortgage Finance Contract or Note. Failure to maintain adequate Property Insurance is a default of your agreement with the mortgage company.
Are you responsible for carrying insurance on a home until foreclosure?
Yes, of course you are! Don't let it forclose! There are people out there that can bail you out!!!
Does Amco insurance sell medical insurance?
Yes, Amco does have both home and medical. It makes paying for insurance much easier.
