Joseph Schilling, associate director of the Metropolitan Institute at Virginia Tech and an expert on abandoned property, said the issue of bank walkaways is increasing. Lenders may decide that given low prices and their mounting inventory of foreclosed property, it makes sense to walk away.
"But as a result, it leaves the property in this type of legal limbo and it leaves the community and local government really holding the bag," Schilling said.
link: Bank 'walkaways' from foreclosed homes are a growing, troubling trend - cleveland.com
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