Do I still have to keep home insurance on a vacant home if I'm negotiating a short sale or can
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
Also, if you default, or the short sale doesn't provide enough funds to clear your debt, it impacts your credit history and score or years. Don't go down this route. You'll want to buy something else again and this could impede your ability to do so. My best advise is to do the very best you can to get this place sold quickly and for enough to pay off the mortgage and expenses of selling. But do not cut corners or do things on the cheap, it will come back to bite you in the *** later.
Do I still have to keep home insurance on a vacant home if I'm negotiating a short sale or can I cancel it?Few things:
The fact that the bank is willing to do a short sale, does not mean they take responsibility for the home, you are still on the hook until you find a buyer and close on the property, so you must keep the insurance, since you are still liable until the closing
Next: short sale only means you have a agreed upon price the bank is willing to take, you still must find a buyer, if you think your place is going to show well in this down market, with a green pool, bad lawn care and no electricity to see around, you are fooling yourself
do the things you are thinking about and you will go from a short sale to a foreclosure
Do I still have to keep home insurance on a vacant home if I'm negotiating a short sale or can I cancel it?You'd better keep it insured. If it burns down, its your loss.
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