US Banks Walk Away From Foreclosed Homes

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With over 20 million empty homes in the United States, the Banks that
foreclosed on these properties are overwhelmed with the additional costs associated with the re-sale of the properties and have chosen to walk-away from the properties altogether.


This leaves the foreclosed former homeowner liable for all property taxes and property upkeep even though they no longer live in the house. Because the banks will not conduct a sale of the property, the original borrower remains responsible for all of the costs associated with home-ownership though many have not lived in the house for several months.

Former owners are receiving payment demands from municipalities for property taxes, property repairs, and even demolition costs. These costs can amount to thousands of dollars and if unpaid will add another strike to the credit-record of the former homeowner.


The Banks are indifferent to the problems they have caused mortgage borrowers and homeowners and simply refuse to spend any funds whatsoever on the property once they have foreclosed. Entire neighborhoods have become dilapidated as a result of the Bank’s policies.

In response, some municipalities have taken to demolition of the empty houses, often a dozen at a time, and are attempting to cover the land with grass to improve the appearance

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