I have tried to sell my one bedroom 600sq ft., basement condo for two years.  First year I tried to sell for the amount owed, second year I attempted a short sale.  Was unable to get rid of it either way.  During the sale process the buildings HOA began charging 5,000 dollars assessment fee in addition to the maintenance fee because the builders that renovated the building did a poor job on the roofing and hence there was leakage into the building and some apartments.  long story short, since I was in the process of selling and no longer living in the condo I didn't pay the assessment fee.  After a year the realtor dropped the short sale and suggested I do a deed in lieu, since she had no success with short sale.  I attempted to do deed in lieu but bank does not approve b/c the HOA put a lien on my condo for not paying the assessment fee.  The bank tells me my options are to either place it as a short sale again and pay off the lien and any other amount owed to HOA or to foreclose.  I am no longer living there as I have a family now, I also would not like to rent as it is not a good area (realized this after living there) and don't want to deal with anyone in this area.

Are these my only two options? what are the repercussions of letting it go through foreclosure?  I am honestly tired of dealing with this and want to move on with my life and stop paying for my mistake of buying a lemon when younger.