Q: "required to file an appearance & answer/plead in response" (foreclosure summons). am not contesting. need to show?
Left condo unit last march 2010, in a sinking ship (other foreclosures, bankruptcy, huge special assessments) tried to speed up the foreclosure by initiating leaving the unit. told by the bank in june 2010 the unit was in foreclosure and to contact their legal representation. in august 2010, sent my keys to them via registered mail as advised by the bank's law firm...finally, a summons in may 2011...I don't want to contest this. should I file an appearance? to what end if I'm not contesting this? I know I realize I may have to file bankruptcy so the bank and condo association doesn't come after me for $ I don't have. I have been renting since march 2010. my old condo unit is empty. it appears I should have squatted and I would have more rights now. not sure how to proceed with summons. advice?
A: It sounds like there is little to be done at this point based on your actions to date. You will be responsible for any excess beyond the foreclosure sale amount absent a forgivenss of the debt. If there is forgiveness,you will receive a 1099 and may ahve some tax liabilty. Since they accepted the keys, you may want to see if they will accept a deed in lieu.
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