Foreclosure notice threatens short sale

Seller questions duties in property upkeep

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Inman Connect New York | January 29 - February 1, 2019

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 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.