0
When your house goes into forecloser do you have to maintain insurance on the property?
Wiki User
∙ 16y ago
ABSOLUTELY.
Your still bound by the terms of the loan, which include maintaining insurance.
If you don't, the loan Co will buy it and charge you. For many reasons, (especially since owners that need this to happen seem to have a much greater risk of experiencing a fire or loss), that insurance is much more expensive than what you'll get....and the loan co only insures the amount they need...the existing mortgage...and none of your personal belongings or liability (which are all covered under your normal homeowners).
And you understand that you will be responsible for any amount that the eventual sale of the property doesn't raise toward the total (that is all back payments, penalties, interest, and charges to foreclose, etc) owed? They just don't do it all for you for free.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
How long you can live in Florida when your house on forecloser?
how can you stay in your house when on forecloser
You are renting a house in forecloser how do you buy it?
i am renting a house in forecloser and i need info on how to buy it. who do i contact?
a grant to save my house from forcousler?
a grant to save my house from forecloser
If your house goes into forecloser can you work out a better deal with the lender?
Maybe. And maybe not.
Is homeowner flood insurance required?
If your house is paid off, no, it would not be required.If the house is located in a flood prone area and still on a mortgage note then Yes, Most lenders will require that you maintain flood insurance for protection of the property until the loan is paid off.
What does property insurance cover?
If you mean property like the land, then the insurance covers the land the house is on. Other one is "property insurance" covers the items in your house, let's say someone broke in and stole your amazing 54in flat screen TV. You have property insurance and it covers the cost of the TV or part of the cost. You make a claim for it then insurance sends you money.
What are the functions of house insurance?
Home insurance protects our home property loss.You can get information from the great search engine "Google" about the functions of house insurance .
Can your insurance company make you replace your roof?
No. But as the insured (that is you) it is up to you to maintain your house in good repair.Insurance is there to cover the risk of unforeseen, accidental damage to your property not to replace parts that are wearing out naturally.If you fail to maintain the roof of your property in good repair the insurance company may refuse to pay out if your roof blows off. After all the damage would not be accidental if it happens because of poor maintenance.
What is Landlords House Insurance?
Landlords house insurance is a type of insurance that protects the owner of a rental property from damage by tenants. This insurance can compensate the owner for cleanup costs and repairs as well.
What is typically covered in your house insurance policy?
The typical house insurance policy covers damage to your property and personal liability coverage. Damage to your property includes fire, lightning, tornado, and hurricanes.
Does property insurance cover damages caused by a tree falling on my house?
Definetely you can claim for the damages caused by the tree falling on your house. The Insurance companies cover these damages under the property insurance. Just you have provide the photos of the damaged house aas an evidence to claim your money.
What is home insurance?
Home Insurance is Insurance coverage for your house, condo or apartment for your personal property and liability coverage for you. The insurance coverage for your house is also called homeowners insurance. The Homeowners isurance is an insurance package that has coverage for the dwelling, the others structures on your property, Loss of Use, Medical Payments and Personal Liability.
