Please help! Principal Residence question

[byeAZ]

I bought the house in 2006. I have lived in it for over 2 years and then move out temporarily end of last year for 7 months, during this period of time the house was rented. Then I moved back this Jun and living in it right now. I expect it to be foreclosed end of this year. In this case, is this still considered my principal residence? Thanks in advance!

[Evan Bedard]

Hi byeAZ,

Yes if this is the house that you currently reside..

[byeAZ]

Hey Even,

Thank you so much for your answer. I am living in the house currently and my wife is in the school in another state for her degree. She is renting a cooperative apartment recently. Does it matter? Must I stay in my current house till foreclosure is completed? What if I want to move out of the house before the foreclosure is completely and join her? Thank you again!

[AZ Meltdown]

No you can leave the home whenever you want, BUT......

You may be personally liable for any unpayed HOA fees, fines over the dead yard etc.

Your homeowners insurance in generally voided if the house is unoccupied.
So what if someone gets hurt on the property? You are still responsible.
You would have to change your insurance policy which will cost more.

What if a kid went in your backyard and drown in your pool, that you just walked away from???
Or the house was looted of everything down to the studs, it happens!

In general I think it is better to ride it down to the bottom until the Trustee Sale AND title change is completed, that is when your responsiblity and liabilty ends.

You may also be lucky and get cash for keys.
You won't if you are gone.

Yeah I know it can be stressful, but it is the way I did it, and I think the right way.