What are my responsibilities as far as homeowners insurance after a discharged Chapter 7?
I have had a bankruptcy discharged in 06/09. My last mortgage payment was in 04/09. Last years taxes were paid by the mortgage company. I have not lived in the house for the last 6 months. My current insurance policy runs out in 09/10. As we speak I mow the lawn but do not take care of the pool. I was wondering if I don't pay the homeowners, will the bank pay them? What are my upkeep responsibilities? I was also wondering how I will know when my name comes off of the deed and will I be notified in writing when this happens?
The answer depends in large part on the laws of whatever state the property is located in. In general, you have certain obligations for upkeep of the property or you can be cited by the city. Damages which arise to the property after your bankruptcy case was filed may be chargeable to you. If you don't wish to keep the property, you should seek to do a short sale or try to get teh mortgage lender to foreclose so you don't have to worry about upkeep.
I would suggest speaking with a real estate attorney in your area for more details on your responsibilities as the owner.
Mark J. Markus, Attorney at Law