The timeline described in your comments leave a lot more questions than answers. To summarize you purchased a home in 2005. Three years later you move out and "abandoned" the property. Question #1 did you ever make a mortgage payment? Are you the only one on title?
Your comment that the bank offered the house back to you, does not make any sense. Question #2 Did the bank send you a letter agreeing to forgive all past and outstanding debt and show the mortgage as paid in full (satisfied)? Thus the bank gave you back the house.
Question #3. Can you please provide the name of the bank, I am interested in their lending programs that finance a mortgage to purchase a home and then close the account showing paid in full, mortgage satisfied with few if any mortgage payments? This is a fantastic deal!
Now that the bank has given the house back to you, the HOA is seeking restitution for past due association fees? Yes, HOA associations have the right to foreclose for their money.
In theory, let's say that your annual HOA is $1200 that translates to $100 / month or $25.00 / week or $3.57 / day. That equates to a Starbucks Grande Mocha or MochaLight Latte or a McDonald's quarter pounder with cheese $3.79.
Macael02 if you had considered SAVING $3.79 / day you would not be in this situation. Sounds like the bigger issue is money management.
Best to address the situation with the HOA and see if they will accept a payment plan.
Brock Realty Inc.
Visit http://www.brockrealty-inc.com where you can sign up for a FREE Listing book account which allows you to search the MLS in real time and receive morning reports on new listings, current pendings and recent solds.
Has a foreclosure sale date already been set?
Go here and pull up your name:
You and/or your attorney should attend the next Board of Directors meeting and bring your checkbook and prepared to give them as large of a deposit as you can and be willing to sign a Promissory Note to repay the $8k by paying extra every month.
Typically HOA Boards do not have a clue what their attorneys are doing. The HOA Attorney stands to make about $2500 (or more in some cases) so they have a vested interest in recommending the HOA go ahead and foreclose and take ownership.
Otherwise if you do nothing, the HOA may foreclose and then evict you or charge you "market rent" or find a tenant who will.
So contact an attorney and also attend the next HOA board meeting!
Also here is a very informative website about HOA & Condo living:
All the best,
Alma Rose Kee, PA
Future Home Realty
I have used him for different types of Real Estate issues for myself and my clients, he's been wonderful and very reasonable.
The HOA is not going to be forgiving as the bank was and they will do what they say they will do.
1. have you re-established credit and if so, though score is just one part, what are your three credit scores?
2. what is a CONSERVATIVE value of the property?
3. how much do you owe?
4. are you a W/2 employee?
5. what are your total monthly debts that show on your credit report?
6. what is your GROSS income per yr?
7. do you have any savings in the bank, 401K, mutual funds, etc.?