For the bank, the property has dropped in value to the point that recovering it isn't worth their time
My understanding was that banks were delaying foreclosure because, when they foreclose, they have to record the financial loss on their books. Until then, they are in mark to fantasy land.
44 posted on 06/10/2011 3:53:11 PM PDT by DeaconBenjamin
(A trillion here, a trillion there, soon you're NOT talking real money)