we pay for fire insurance, if we close?
My mother is going to default on their mortgage payments ultimately go into foreclosure by bad loans. Should I pay monthly fire insurance until our departure (3 to 6 MNTH perhaps)? What are the consequences of not paying, other than fire?
Yes fires occur and can occur in homes that are in foreclosure. Home insurance also pays more than fire. If the house will foreclose and no damage if the damage is covered by an insurance policy, the company will submit a claim. You Mom would only be responsible for the deductible. If the house will foreclose and not is damage to the house that was covered by insurance – your mother has had a policy of the finance company his mother will also responsible for the cost of repairing the damage.
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