- May 25, 2002
- Professional Status
- Certified Residential Appraiser
Can banks be held responsible for houses abandoned by owners in the wake of the mortgage meltdown?
The number of properties left vacant is rising fast, as borrowers who stop making their mortgage payments and get hit with foreclosure suits decide to flee. The problem of abandoned homes is especially pronounced in Rust Belt cities, where the value of the properties sometimes is so low that lenders aren’t interested in claiming them.