Hi all. I couldn't find a thread on this sort of thing, so I decided just to start one and hope somebody with a lot more real estate knowledge sees it and can provide an answer. Last year when I remarried I moved out of my home into my husband's. My old home has not been put on the market, I am still working on cleaning it out and getting it ready. Didn't see a need to hurry with the current housing market being so down. I still owe about $120,000 on this mortgage. My insurance company just sent me a letter saying my homeowner's insurance on that property will be cancelled in one month due to a change in occupancy (nobody lives there, but electricity, water, etc. still on - property is still being maintained, etc.)
What happens now? Does the insurance company also notify my mortgage holder? (WaMu) Can/will the mortgage lender do anything? How expensive is vacant property insurance? Is that type of insurance an absolute requirement? I am having a hard enough time still making the monthly payment, if I have to double or triple the amount of insurance on a property that I no longer live in (but do visit weekly to work on), it will be pretty bad for my finances. Advice??? Thank you!