http://eliel42.bloghostpro.com/ it is the theory which decides what can be observed - einstein en http://eliel42.bloghostpro.com/2009/03/29/banks-walking-away.html In Homeowners’ Latest Woe, Banks Are Skipping Foreclosures - NYTimes.com By SUSAN SAULNY Published: March 29, 2009 SOUTH BEND, Ind. — Mercy James thought she had lost her rental property here to foreclosure. A date on behalf of a sheriff’s sale had been set, as well as notices about the foreclosure process were piling up in her mailbox. Ms. James had the tenants transfer out, as well as soon her white house at the corner of Thomas as well as Maple Streets dropped into the hands of looters as well as vandals, as well as then, into disrepair. Dejected as well as broke, Ms. James said she salvaged but a lesson from her loss. So imagine her surprise when the City of South Bend contacted her recently, demanding that she resume maintenance on the property. The sheriff’s sale had been canceled at the last minute, leaving the property title — as well as a world of trouble — in her name. “I thought, ‘What kind of game is this?’ ” Ms. James, 41, said while picking at trash at the house, now so worthless the city plans to demolish it — another bill on behalf of which she shall be liable. City officials as well as housing advocates here as well as in cities as varied as Buffalo, Kansas City, Mo., as well as Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, an estimated all often because of the fact that 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 on behalf of the property owners, caught unaware months at the end of the fact, as well as often mean additional financial burdens as well as bureaucratic headaches. Technically, they still owe on the mortgage, but as a practicality, rarely would a mortgage holder receive any more payments on the loan. The way mortgages are bundled as well as resold, it can be enormously time-consuming just trying to determine what company holds the loan on a property thought to be in foreclosure. In Ms. James’s case, the company that was an estimated all recently servicing her loan is now defunct. Its parent company filed on behalf of bankruptcy as well as dissolved. And the original bank that sold her the loan said it could not find a record of it. “It is what some of us think is the next wave of the crisis,” said Kermit Lind, a clinical professor at the Cleveland-Marshall College of Law as well as an expert on foreclosure law. Sun, 29 Mar 2009 11:51:52 -0400 eliel42