Sara Mehrpouyan CDPE
Specializing in Foreclosure & Short Sale
dre license #01712757
When a property reverts to the beneficiary, the title to the house is recorded to a new entity & the home is no longer owned by the now previous owner (you?) You shouldn't be on the hook for any payments other than whatever is outlined in your rental agreement should you be now leasing back the property from the bank / beneficiary.
You should only be concerned with paying whatever is outlined in your lease agreement. If you no longer own the property, the homeowner insurance & HOA bills are no longer in your name. The beneficiary should have paid current or paid for a new policy of homeowner insurance & should have also paid current any back HOA dues.
You should call your HOA president or property manager just to make sure that your previous account is showing a $0 balance to you personal or that they have no intention of pursuing you for any deficiency owed now or in the future. You should also contact your homeowner ins co, just to make sure you don't owe them anything either. It's possible the beneficiary has gotten a new policy with a different carrier.
I am not an attorney, these are my opinions based on my own experiences in working with many underwater short sellers. You should consult an attorney.
I don't look back on this same Trulia posting for answers after mine. I would be curious to know why you didn't do a short sale, were you holding out hope of a getting a Loan Modification, feel free to email me & tell me about it.
Emily S. Knell
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent w/ 99% success rate