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Bank Walkaways Present Opportunity for Foreclosure Cleaning Companies
By Yuwanda Black for Foreclosure Business News
Dated: Apr 02, 2009
Bank walkaways; Never heard of the term? The reason you may not have heard of the term is because
banks are doing it "on the down low," so to speak. Here's what it is, how it affects you and how foreclosure
cleaning companies can benefit.
Bank walkaways; Never heard of the term? Bank walkaways are when banks walk away from foreclosed
properties. And, the reason you may not have heard of the term is because banks are doing it "on the down
low," so to speak.
Why are banks abandoning foreclosed properties? As explained in the New York Times article, Banks
Starting to Walk Away on Foreclosures:
"Banks are quietly declining to take possession of properties at the end of the foreclosure process, most
often because the cost of the ordeal -- from legal fees to maintenance -- exceeds the diminishing value of
the real estate. . . . The so-called bank walkaways rarely mean relief for the property owners, caught
unaware months after the fact, and often mean additional financial burdens and bureaucratic headaches."
As stated in the article, the problems left behind when banks walk away from foreclosed properties are
numerous. Following are just a few.
Bank Walkaways Leave Homeowners Responsible for Homes They Were Booted Out Of
In a normal foreclosure process, when homeowners are foreclosed on, the lender (eg, a bank) assumes
responsibility for the property until it is resold or rented to another dweller. But, when banks walk away,
the responsibility for the property reverts to the person who’s name is on the mortgage -- ie, the person
foreclosed upon in the first place.”
But, they have usually moved on and don't have the money to keep up the property. In many cases, the
property has been sitting empty for months and may be destroyed beyond repair, leaving the "broke" owner
responsible for the clean up, clear out, repairing and