Now Banks are Walking Away from Homes - 01/20/11 10:12 AM
Here's the next appalling, irresponsible action by banks in the foreclosure crisis.
According to the Jan 13, 2011 Chicago Tribune, "Research to be released Thursday, the first of its kind locally, identifies 1,896 "red flag" homes in Chicago - most of them are in distressed African-American neighborhoods - that appear to have been abandoned by mortgage servicers during the foreclosure process, the Woodstock Institute found.
Abandoned foreclosures are increasing as mortgage investors determine that, at sale, they can't recoup the costs of foreclosing, securing, maintaining and marketing a home, and they sometimes aren't completing foreclosure actions. The property, by then usually … (7 comments)