Can i cancel home owners insurance ? the house is an REO property but haven't sold am I obligated to keep insurance until title is transferred ?

Asked by Nando17us, Cicero, IL Sun Feb 26, 2012

I left the house back in August 2010, and the mortgage company renewed the policy and paid it in full through May-2012, They sent me a letter about going in auction sale on Dec-11, I keep doing google search on the property and I'm still coming up as the owner, when can I stop worrying about this house?

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Ron Thomas’ answer
Ron Thomas, Agent, Fresno, CA
Sun Feb 26, 2012
If the house has not been transferred to the Bank,
your Bank will require you to carry fire insurance on it. period.
If you do not have the proper insurance, the Bank will contract for it ON YOUR BEHALF and YOU will have to pay the premium.
As you can imagine; that premium will be more than you would have negotiated. Count on it!

Good luck and may God bless
1 vote
Suzanne Hami…, Agent, Orland Park, IL
Sun Feb 26, 2012
You should consult with an attorney. But if the bank has foreclosed on the property, there should be no obligation for you to insure a home you no longer own. The only thing requiring you to be responsible for insurance is usually your mortgage, but if the bank has foreclosed, the property should no longer be your responsibility. If the bank has not foreclosed, you should check with an attorney about your obligations. Good luck.
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