Posted on: 27th May, 2009 09:28 pm
I can not make the mortgage payments on my house and the homeower insurance is not included in the payment. Do I need to continue making the homeower insurance payments until the house is sold or a foreclouser happens?
Hi bowlingbuff,
A homeowners insurance provides financial coverage to your property against disasters. Staying current on the insurance payment ensures that you get compensated in case some disaster strikes your property. In my opinion, you ought to pay the insurance premiums on time until the ownership of the property is transferred from you to someone else. A short sale or a foreclosure procedure takes time to complete and you ought to make payments during this time to stay current on the insurance so you can avail the facilities it offers, when required.
Thanks,
Jenkin
A homeowners insurance provides financial coverage to your property against disasters. Staying current on the insurance payment ensures that you get compensated in case some disaster strikes your property. In my opinion, you ought to pay the insurance premiums on time until the ownership of the property is transferred from you to someone else. A short sale or a foreclosure procedure takes time to complete and you ought to make payments during this time to stay current on the insurance so you can avail the facilities it offers, when required.
Thanks,
Jenkin
Homeowner insurance is not a right term you are using.You should find new customer to transer the property if you are not able to pay monthly EMIs