I'm behind in my mortgage payments and my homeowners insurance was cancelled. What should I do now?

Due to an illness, I was unable to keep up with the payments. I am approximately six months behind. Unable to make minimum payments. Should I declare bankruptcy? My homeowners insurance was cancelled since I'm unable to make the appropriate improvements. Should I continue making mortgage payments since the house is probably in the foreclosure process?

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Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
Thanks for the post

1) contact present lender to explain your circumastance and to see if they can offer any possibly relief / modification on the mortgage terms ....Also explain the insurance issue to the lender and see if they can offer any insurance options

2) contact insurance compnay to see if they can offer any exceptions to get the insurance back in place ....contact other insurance firms to see if you can obtain new insurance through other firms

3) if lender or insurance firms can't provide any relief/ assistance - consider selling the property before considering filing for Bankruptcy

4) file for bankruptcy option should be reviewed in depth with someone that know your situation in enitety ...possibly an attorney | 12.29.14 @ 20:28
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$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 04:27
C
Answered by Caroline
How much equity do you have in the home? Contact lender(s) for relief, they will put forced place insurance on the home that unfortunately is three times more expensive than insurance you shop for. Shopping for new insurance- you will need to be able to pay them. A foreclosure hurts credit longer than a short sale, A bankruptcy could stall the foreclosure, but eventually you will need to have a moving truck. | 12.30.14 @ 22:10
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$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 04:27
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