When a family is facing foreclosure, Homeowners insurance is one of the issues that frequently comes up. The importance of maintaining homeowners insurance is an issue that cannot be placed on the back burner. While you are in the process of foreclosure defense to save your home, it is important to remember that you still need to protect your property against any possible damage that may occur due to fire, flood, or any other type of damage to the home.
After hiring an attorney to start on the foreclosure defense of the property, you must remember that you are still in legal possession of the property. This means that you are still responsible for property taxes and maintaining insurance on the property.
If you have fallen behind on your homeowners insurance you need to correct that issue as soon as possible. While you may continue to have coverage without making a payment for a few months, once it defaults you will have issues. If you do not keep up with your homeowners insurance your lender most certainly will. The lender can charge up to 1.5 times more than the amount of your insurance if it secures coverage on its own. Keeping that in mind will only assist you from further financial burdens that may arise if you win your case against your lender.
It is sometimes easy to forget how important it is maintain your home is when facing foreclosure. The stress that comes along with the foreclosure can make your attitude sway some days. The thing to keep in mind is that you have not lost your home yet so you need to keep moving forward with a business as usual attitude when it comes to being responsible for your home. While your attorney is working on your foreclosure defense case, you should focus your attention on the upkeep of your home and winning your foreclosure defense case. You will find a well maintained home is a happier home then one that is left to fall into disrepair.