Do I still have to keep home insurance on a vacant home if I'm negotiating a short sale or can

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I'm negotiating a short sale with the bank. Do I still have to keep home insurance on my house (payment included in the mortgage) or can I cancel my insurance and get reimbursed for the remaining premium. Won't the bank have to carry the insurance if the short sale is accepted? Also the realtor I am working with is asking me to hire a pool service and lawn care service company to up keep the house since we are leaving it vacant and for curb appeal for the house to get sold. I can't afford to pay this extra money. Do I have to hire these services or simply tell the realtor I can't afford it. Also, I can't afford to carry utility bills on two houses right now can I just cancel the utilites on the house being short saled and have the potential buyers have the utilities turned on for inspection or am I required to keep the utilities on? Is the debt forgiveness forgiven completely or do I still have to request a satisfaction and wil a VA loan also fall under the new forgiveness act?

Do I still have to keep home insurance on a vacant home if I'm negotiating a short sale or can I cancel it?

The bank will only forgive your debt on the Short Sale if it actually sells. So, not keeping the house up will turn off prospective buyers. Then, the house doesn't sell, the bank forecloses and your credit is tanked. So many people believe that if the bank is willing to Short Sale, you can just wipe your hands clean and walk away. You are incorrect. A Short Sale is a cooperative undertaking between you and your bank to make the best of a bad situation. If you don't hold up your share of the bargain, why should they hold up theirs?


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