Mercy James's rental property in South Bend, Ind., was in foreclosure, but a sheriff's sale was canceled at the last minute. City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal -- from legal fees to maintenance -- exceeds the diminishing value of the real estate. Read more...
Tuesday, March 31, 2009
Banks Starting to Walk Away on Foreclosures
Mercy James's rental property in South Bend, Ind., was in foreclosure, but a sheriff's sale was canceled at the last minute. City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal -- from legal fees to maintenance -- exceeds the diminishing value of the real estate. Read more...
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