The HOA fees remain with the property as do the taxes. It's likely no one will buy this property unless those items are cleared. Further, a Deed in Lieu is a good alternative if you only have one loan BUT the bank likely won't do it with the HOA so high.
If the property goes to foreclosure, the bank will eventually have to pay those items before they can transfer title.
You should do a short sale and those items may be able to be cleared in the sale.
Make SURE you use a REALTOR who holds a RE license in your State.
Best of luck,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. IN MY OPINION, there is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
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Eli Givoni, Director
Short Sale Department, LLC
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