If you are behind on your taxes, both mortgages, and HOA dues, it is very unlikely you will be able to work with the bank to get everything back on track. You should list the property with a local REALTOR as soon as possible.
I assume you are continuing to collect rent from your tenant so you will need to work something out with the tenant in return for allowing the property to be shown by agents.
No matter what course of action you take, Citi will look for deficiency recovery from you unless you can get that relieved in a short sale (highly unlikely). As for the HOA dues, the HOA can (probably has already) place a lien on the property so they get satisfied at any closing. As for Taxes, they will get satisfied when the property closes by one of multiple ways; 1) you pay them; 2) the lender (BOA) pays them; 3) the Buyer pays them.
BofA will work with you, but Citi likely will not except through a short sale. A short sale has less impact on your credit than a foreclosure.
I would check with an attorney and explore options there as well. YOu may find you need to file Bankruptcy (on advice of counsel only) to rid yourself of the deficiencies.
Best of luck to you,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
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If its not to late I could aim you in the direction of an excellent real estate attorney.
Keller Williams Realty
Real Estate Consultant 3x US Army Vet.
They will come after you for the deficiency and taxes related.
Talk with a CPA regarding same.
I would try to sell it as a short sale. It would demonstrate some integrity. Walking away from your problems will only create more problems.
You are the one that bought the property...no one made you do it, right? So do the right thing and try to sell it as a short sale.
If you want to avoid the foreclosure, make sure that you are on top of the HOA dues, because as you may know, HOAs can foreclose on your property before the bank does.
If you want to go the short sale route, let me know if I can help. I am local. Also, you may want to try selling the place to an investor with the tenant in place. I'll be happy to discuss options with you.
Best of luck,
I have been collecting rent from the tenant however only to cover the Citi note and HOA - not BOA funds.
The tenant is aware of the situation and there is an exsiting lease so I would suspect the tenant has some protection on being evicted.
I've tried on literally countless occassioins to work with BOA to no avail. While keeping the property would be ideal in some scenarios - I suppose at this point - it may all be a wash. I doubt a short sale is likely at this point however, I suppose I can check that option out while looking into bankruptcy.
The second normally will get wiped out if you stop paying it, they will offer you some funny anount like: pay us only 10% of the amount and you'll be good to go.
Just dont go into foreclosure. worse case scenario is to short sale your property through a local real estate agent.