This truly is amazing: Properties that are so far underwater that banks are starting the foreclosure process, but are not actually completing the takeover. Instead, they’re leaving the homeowner stuck with the upkeep and the taxes.
Want to walk away from a bad purchase decision by giving the bank the keys? Too bad!! The bank doesn’t want it either. Homeowners who bought a house but didn’t pay their loan and hoped to just walk away are finding that banks aren’t taking possession. So guess whose house it is? The homeowner who bought something they couldn’t afford!
Never thought I’d see anything like this.
[HT: Calculated Risk]