i live in Gerogia and have filed Ch 7 Bankruptcy in May of this year. I let my house go back to the lender, I am receiving letters stating this is a voluntary payment voucher, what is the best way to find out when the house I let go will go into foreclosure and do I need to keep homeowners insurance on the house...I am not living in the house.Thank you
Country relating to Question: United States
State (if USA): Georgia
asking other people that have been in similar situations, talked to a real estate agent
Hello and thank you for allowing me the opportunity to assist you.Q: what is the best way to find out when the house I let go will go into ForeclosureA: All you can do is ask. Unfortunately, the lender is under no legal obligation to foreclose, so you can't force a foreclosure. In most cases a lender will move swiftly, but I have heard of cases where lenders take a couple of years or longer to foreclose. If I were in your shoes and I wanted to know, I'd call the lender and ask. That's about all you can do.Q: do I need to keep homeowners insurance on the houseA: If a person no longer owes the mortgage payment because of bankruptcy and does not plan to stay at the house, then there is likely no benefit to maintaining insurance on the house. Under those circumstances, I would likely stop paying it and let the lender pay for insurance if it wants to insure its collateral.If you would like any additional information or need clarification, please do not hesitate to ask! Also, I strive to be as helpful as possible so that you are satisfied. Accordingly, please remember to give me positive feedback (doing so does not end our discussion). If you feel the need to rate me poorly, please stop and instead of rating me, reply via the REPLY or CONTINUE CONVERSATION button with the issue that you have. I will be happy to continue our discussion and do everything that I can to provide you with the service that you seek.Thank you.
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