Banks Walk Away On Foreclosures
Global Economic Analysis
31 Marzo 2009
Homes, who wants 'em? No one it seems.
Please consider Banks Starting to Walk Away on Foreclosures.
Mercy
James thought she had lost her rental property here to foreclosure. A
date for a sheriff’s sale had been set, and notices about the
foreclosure process were piling up in her mailbox.
Ms. James had
the tenants move out, and soon her white house at the corner of Thomas
and Maple Streets fell into the hands of looters and vandals, and then,
into disrepair. Dejected and broke, Ms. James said she salvaged but a
lesson from her loss.
So imagine her surprise when the City of
South Bend contacted her recently, demanding that she resume
maintenance on the property. The sheriff’s sale had been canceled at
the last minute, leaving the property title — and a world of trouble —
in …
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