Bought, now bailing in AZ. 1st loan BofA, HELOC w/CU, last payment 12/2011
BofA stopped calling, CU stopped calling too. We were going to try for a short sale but it doesn't look like we'd qualify nor would it accomplish anything FC won't. Our insurance company sent us a premium refund and said they don't insure vacant homes and we'll be cancelled in 30 days. We need insurance to protect us from liability for waste.
We have received friendly reminders and a few mod packets from BofA but nothing else, CU has sent NOD and NOI. Are we legally prohibited from renting the place out until it's gone to put a body inside the home and maintain landlord's insurance? Could we legally just find someone who needs a roof over their heads and give them a month-to-month lease for $10/mo + housesitting services?