Brent's Credit and Debt blog» Chargeoff http://mycreded.com/wordpress_blog Articles, Videos, Books and Advice on Credit, Debt Collection, Paying Down Debt, and Personal Finance Wed, 27 May 2009 06:29:16 +0000 en hourly 1 http://wordpress.org/?v=3.0 Banks Starting To Walk Away From Foreclosures! http://mycreded.com/wordpress_blog/2009/04/03/banks-starting-to-walk-away-from-foreclosures/ http://mycreded.com/wordpress_blog/2009/04/03/banks-starting-to-walk-away-from-foreclosures/#comments Fri, 03 Apr 2009 15:13:58 +0000 admin http://mycreded.com/wordpress_blog/2009/04/03/banks-starting-to-walk-away-from-foreclosures/ I normally don’t like the New York Times.  They seem to have a seriously biased slant to their reporting, and I prefer a more balanced view of things.  However, in this case, one of their reporters has things dead on.

Susan Saulny, a writer for the New York Times, has written a story about a new problem with Foreclosure:  The bank may not want your property back!

In some cases, the cost of the foreclosure exceeds the value of the property.  In that case, the lender may not go through with the foreclosure, which means the holder of the title (the current homeowner) is liable for the property.

The real problem, though, is that in some cases the former owner moves out, but when the foreclosure stops, the former owner is liable for the property.  In the article, Ms. Saulny goes on to explain that this liability may include fines if the home is not kept up, as well as other fees.

The rest of this story is available here:

http://www.nytimes.com/2009/03/30/us/30walkaway.html

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