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| *Home>>>Insurance Law |
Going into Pre-foreclosure, can't afford home insurance. What are the odds of getting sued if someone is hurt? |
People are telling me I MUST, MUST, MUST hang onto the house insurance ($150/month). It expires on June 28 and people are telling me that if I don't maintain the house insurance I may risk ruining the entire rest of my life.... because what if a prospective buyer comes to view the property and they fall and break their pinky finger, or maybe the house catches fire and they get trapped inside and can't escape. A lawsuit could have more than just your wages garnished. It could completely muck up the sale of the house since there is a risk that the house could be subject to a judgment lien and the buyer of the house could then sue you for damages or a rescission of the sale of the house. It is also in the interests of your mortgagee to have the home insurance coverage so if you cannot afford to maintain it you should appeal to your mortgagee's sense of self interest to see if it can either pay for it or provide separate coverage until the house is sold. Until the foreclosure is concluded, you are responsible for accidents that happen on the property. There should not be any prospective buyers on the property unless you are selling it. If there is an accident while you still own the property, the odds are high that you will be sued. What will you do if there is a fire that totals the house? You will then be in debt for the full amount. Probably best to do some homework about your confusing area.Here is a great start point.http://lifeinsurance.online-helpers.info... |
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