I have seen this happen so many times. Abandoning the property does not mean that you do not own the property any longer. Many times lenders are reluctant to foreclose on properties. There are a couple of options:
Option #1: Sell the house. As long as the title is in your name, then you have the right to sell. At a minimum, you need to sell if for the total of the unpaid HOA fees and taxes plus any of their penalties and any other unreleased liens that are recorded against the home. Anything more than that goes in your pocket. From there you can start to really and truly rebuild your credit.
Option #2: Move back into the house. You still own it. Don't pay anyone anything (i.e. HOA, taxes, loans). One of them will foreclose on you (probably HOA association). Once they gain title, they will have to legally evict you from the house. You could effectively drag your feet for months. Meanwhile, you have "free" rent. But, it will really trash your credit even more.
Option #3: Pay the HOA fees and taxes and regain ownership of the house. If you can somehow scrounge up the money, then you effectively gained your residence back - providing that their are no other liens attached to the property.
Hope that gives you a little direction or at least some choices.... more
4 Bed 2 Bath Home for Sale in HYATTSVILLE for $172,000Address:Â 2006 AMHERST RD,Â HYATTSVILLE, MD4BR 2FB SFH 2 Kit with granite & ceramic flrs Side balcony HWF in main level FP with mantel in LR
Keep the lines of communication open with the mortgage company. Find out who the title company was that closed on the property when you purchased it and advise them of the situation. Make sure all communications are in writing (email, letters, etc.) You may need to contact a Real Estate Attorney.... more