Legal Question in Real Estate Law in Maine

Well, I am assuming you currently own the residence and do not rent. I am assuming that there is a mortgage on the residence. I am also assuming that you do not co-own with anyone else. If those assumptions are correct, you are still responsible for real estate taxes. You risk that the eventual post-foreclosure deficency will be increased due to a poor condition of the property, which can be avoided by not allowing the pipes to freeze, etc. You also risk responsibility for someone being hurt while on the property if you let your homeowner's insurance lapse, and, that coverage will be denied if the property is vacant for a period of time. It is possible that if the building needs to be removed by the municipality due to a dangerous condition, you could be charged for that cost. It is best to list the property at a market price and seek approval by the lender to sell, even if considerably below the mortgage.

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