Foreclosed Homes Abandoned By Banks Also

Sally Ryan for The New York Times
Sally Ryan for The New York Times

Not only are homeowners walking away from foreclosed homes, so are banks.  In some cases, the banks have begun foreclosure proceedings and then refused to enforce their claims because maintenance and legal fees exceed the value of the property.  In these situations, the home’s remain titled in the original owner’s name.  However, these homeowners are now strapped with the taxes and upkeep of property they have already been forced out of. 

Full Story from the New York Times.

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