- If you have an FHA backed loan and the lender deems that you have “abandoned” the property aka moved out without good reason – you will be denied for any workout option including a short sale.
- Relocation incentives ranging from $1,500 to $10,000 are available through some short sale programs. If you no longer occupy the home, you will lose any relocation that would have been available to you.
- Property maintenance – You are responsible for maintaining and securing your home until closing whether you live in it or not. This means that you will need to maintain utilities and heat for a vacant property, creating extra expenses. You will also find that most homeowners insurance companies will be hesitant to insure a vacant home, leaving you liable for anything that happens in the home.
Last Updated on September 15, 2017 by Minna Reid