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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 23917
Experience:  9+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I am going into foreclosure in a matter of time Do I need

Customer Question

I am going into foreclosure in a matter of time Do I need to carry fire insurance
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 7 months ago.
Even though the home is going into foreclosure you are still the owner and have a duty to protect and insure the home. If something were to happen the risk of loss would be on you and the lender may go after you for the damages suffered, as a result of allowing it to lapse. Now, the bank may place forced insurance on the home to protect it, since it is a security interest for them and if it burns down, they can be left with nothing. With that being said, it would be at your discretion to continue to pay it but know that if somethings happens you would be liable since you are sill the owner
Expert:  RealEstateAnswer replied 6 months ago.
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