Q Can the Bank Evict Me But Not Foreclose on My House?
It is possible for the bank to evict you but not foreclose on your house. These so-called “bank walkaways” are creating huge problems for neighborhoods and cities with soft housing markets.
In bank walkaways, lenders or mortgage companies begin the foreclosure process but never follow through to completion. Banks are doing this more often these days, because they don’t want the house if the value has declined severely or if they think it would cost too much to fix up and make sellable.
As the vacant homes sit there, they become targets for vandalism and theft, which only brings the home's value down further.
Bank walkaways can be very confusing for the homeowners who think their home has been foreclosed. They don’t realize everything is in limbo and that they're still responsible for the care and upkeep of the home, not to mention property taxes.
Because these homes aren’t on the market, they aren’t getting sold and neighborhood property values are being affected. Squatters and looters are taking everything and trashing the homes, leaving the already financially struggling owners responsible for paying back taxes, code violations, and demolition, if deemed necessary.
Don’t let this happen to you. A qualified bankruptcy attorney can lead you through the foreclosure process and make sure everything is done lawfully.
Castle Law Office has been handling bankruptcies for Kansas City clients from more than 14 years. If you need the fresh start bankruptcy can provide, call us today at 816-842-6200 to speak with an attorney. Or click here to email us and schedule your free consultation.