Mortgage lenders sometimes abandon foreclosure suits before completion. Taking title to the home, when all is said and done, may result in the lender’s incurring more expenses than the home is worth.
Today’s Tribune reports Woodstock Institute findings that there may be nearly 1,900 abandoned Chicago homes where the lender has simply aborted the foreclosure process short of taking title.
An article in the New York Times Magazine in March of 2009 goes into detail on Cleveland’s experience with widespread bank walk-aways.
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