Foreclosure on home

dineygirl1942 · #1 Oct 29, 2007, 02:08 PM

I am letting the bank foreclose on a vacant home. Do I have to keept the utilities turned so so the pipes won't freeze? Also, do I have to keep up the insurance until the bank officially takes it back?

ballengerb1 · Oct 29, 2007, 02:11 PM

Yes and yes. How much do you owe and are you 100% sure than the bank can get more than that amount at auction? If they sell and come up short you are not off the hook. They can/will come to you for the difference. Why not try to sell on your own?

tkemp · Oct 30, 2007, 06:44 AM

Quote:

Originally Posted by dineygirl1942

I am letting the bank foreclose on a vacant home. Do I have to keept the utilities turned so so the pipes won't freeze? Also, do I have to keep up the insurance until the bank officially takes it back?

how long does it take for a house to go into foreclosure

tkemp · Oct 30, 2007, 06:47 AM

dineygirl1942 · Oct 30, 2007, 07:17 AM

I have heard maybe 6 months but I don't know. I have never been in this situation before.

tkemp · Oct 30, 2007, 08:23 AM

if a person have 4 houses and behind 3 months on the morgage payments. do u think the house's would go into foreclosure and if so what would u suggest a person do? and what would u suggest the people living in these houses do?



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