Foreclosure notice threatens short sale

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BENNY: A couple of months ago, we put our house on the market with a real estate agent as a short sale. We have received several offers and are just waiting on the bank's approval. Two weeks ago we received foreclosure papers from the lender's attorney. We vacated the home two months ago knowing we could not afford to keep it. We have kept the home and lawn up meticulously. Now that we have received foreclosure papers, what are our responsibilities as far as the home, lawn, utilities being left on, etc.? Your help would be greatly appreciated. --Kimberly DEAR KIMBERLY: Why banks want to foreclose and risk ending up owning the property (because no one may buy at the foreclosure-auction sale) is beyond me. You and your real estate agent should advise the bank's attorney that a short sale is pending and that it makes no sense to pursue the foreclosure. A short sale makes sense for you and the bank. Your credit rating will not be affected as much with a short sale, and th...