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mortgage ins due, but i'm broke. what 2 do? Help!

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homewrecked2011 posted 10/22/2013 03:41 AM

To be able to afford my house payments, I cancelled the escrow. I am prepared to pay my taxes and ins in Jan because that is when I thought they were due!!!

I just found out the homeowners ins is due OCT 31!!!! If I call the mort company will they pay it and allow me to go back to paying escrow w my payments afterward, or are they going to tell me tough luck.

I am panicking because my divorce decree states I have to maintain payments, taxes and ins on the home.

Has this happened to anyone?

Thank you

[This message edited by homewrecked2011 at 3:42 AM, October 22nd (Tuesday)]

wifehad5 posted 10/22/2013 05:52 AM

Call your insurance agent and see if you can switch to making monthly/quarterly/2 times a year payments?

soulsearcher4 posted 10/22/2013 10:47 AM

You should be able to re-open escrow for the insurance, however I don't think you'll save anything since it's due now. An escrow account at it's lowest point has to have two monthly payments in it. Since it's due now, you'll have to pay the insurance plus an additional 2/12 if that makes any sense at all.

Usually insurance companies have payment options, monthly etc. You can do that until January, pay everything, then look at re-opening the escrow account.

Nature_Girl posted 10/22/2013 10:58 AM

My ins agent has been a wonderful help during this process. He's been completely understanding and has worked with me to lower my payments (don't need as much ins since STBX isn't in the house) and put me on a payment plan.

purplejacket4 posted 10/22/2013 18:43 PM

You might also look for a more affordable plan with a higher deductible.

homewrecked2011 posted 10/22/2013 21:19 PM

Thank y'all!!! I never thought about monthly homeowners ins payments . Ill call tomorrow .

timeforchange posted 10/23/2013 23:54 PM

My insurance company offers a one in all policy - house, car, accident etc.

If you sign up you receive a 10% discount and pay on a monthly basis.

That has been a God send.

I am in Europe so there is no point in me sharing the company name
But call around... You may be surprised at the deals you can get

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