Am I responsible for paying for hazard insurance after the bank has foreclosed on my home?
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Am I responsible for paying for hazard insurance after the bank has foreclosed on my home?
My home was foreclosed on 1 year ago and the judge stated that I had to be out by the end of the year. I moved out and after I did the bank went and changed the locks on the home. I just received a letter stating that I owe for hazard insurance on the home even though I am no longer able to get into the home; in fact I will be arrested for trespassing if I am on the premises. Am I still responsible to pay for this insurance?
Asked on July 24, 2011 Wisconsin
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You do not owe for hazard insurance on a home in which you do not live; however, you may owe back escrow monies on the home if these were advanced paid by the mortgage company before the foreclosure the so the lender can become the first lienholder. Ultimately, you need to find out whether your state allows for deficiency judgments. If your state allows for deficiency judgments, those could be something held against you in a lawsuit and then you need to decide based on your current situation whether or not you have the option to file bankruptcy to avoid payment. Consider at least speaking with a lawyer. There are law associations and organizations like legal aid that are no cost or low cost.
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