We have the same problem. Our bank just walked away from our loan. We owe $120,000 to HSBC they do not want the house anymore. We moved out thinking the bank would take the house.
We need some advise on this. We are not sure what to do. One lawyer said we should rent it out. But the house needs repair, we do not have money for the repairs. We really don`t want to get into the rental bussiness. City said we have to take care of the house like cutting grass and snow removing from the sidewalks. I am worried they will want us to pay back taxes. What can we do. can anyone help us.