“I’m trying to short sale. I received a note from my Insurance agent that my Homeowners insurance will be cancelling as of this month because the insurance company went under.
My insurance agent told me that he can place me with the State run insurance agency for $1,900.00, but I will have to pay the money by the end of the month.
I do have $924 in my lender’s escrow account. What do you think I should do? Chuck.”
Here was our answer: Chuck, Let me ask you a question. Who is the beneficiary of any insurance for your home?
If you are short selling, then you are probably upside down. You have no equity. So if the house burns down tomorrow, then you won’t get any money.
Who will get the money? Your lender will, that’s who. Keeping the insurance in place benefits you zero. Besides, most lenders will place insurance for you if it expires.
You are probably tight financially. So why take food out of your kid’s mouth to benefit your lender? It doesn’t make sense to me unless you have lots of the extra money.
That $900 can probably be used better elsewhere. Obviously there are risks in not renewing. So, educate yourself on those risks and make the decision for yourself.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (281) 602-8050
Thinking about a loan modification? Our Houston loan modification kit has the instructions you will need to get a loan modification approved with your bank.
Thanks for reading this, Alice Monroe.
Alice is a Real Estate Agent at Corali Realty.
Alice Monroe specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor. Houston TX Short Sales. Houston Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Alice Monroe, Corali Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Alice’s personal views and do not reflect the views of Corali Realty.
This information on Houston Short Sales: Should I renew my insurance when I am short selling my house? is provided as a courtesy to our viewers to help them make informed decisions.