I'm in escrow and the house is tied up in probate court (owner deceased). It'll be at least another month until we get to close. My lease on my townhome is up 8/31. It would cost just as much per month to extend my rental lease as it is to pay the full mortgage on the house. He said he'd like me to pay all the mortgage but he's concerned about not having homeowner insurance since the property's been vacant for a year.
I don't want to pay the whole mortgage since its their fault I'm not in the house yet. They should have straightened this out before the put the house on the market. I was thinking I could offer to pay 60% of the mortgage on the house, make some repairs, and get renter's insurance for a couple of months (which I really should have in the first place).
What do you think?
2006-08-07 05:04:50 · 3 answers · asked by SheriBeri 2 in Business & Finance ➔ Renting & Real Estate
He is a fool for not having homeowners insurance.
Renters insurance will not cover the cost of replacing the structure should it be destroyed.
It is a condition of most (if not all) mortgages that there be no lapse in coverage with homeowners insurance. Banks require that their interest be protected.
2006-08-07 06:16:11 · answer #1 · answered by BoomChikkaBoom 6 · 1⤊ 0⤋
Don't offer to pay anything yet. Let the probate take its course. If the person asks why, just say, "I'm having a hard time getting my stuff together for the move."
2006-08-07 05:08:40 · answer #2 · answered by Brian L 7 · 0⤊ 0⤋
Stay in the townhouse they are lying to you . No mortage company will let you go without insurance ..
2006-08-09 15:30:27 · answer #3 · answered by Chris N 2 · 0⤊ 0⤋