The "Bank" doesn't own the property. It is still in the name of the deadbeat cop. The bank won't own it until they foreclose on it. They apparently are in no hurry to do it.
speculation- maybe go after the cop, get a judgment (negligence), then use the judgment to put a lien on the property. that might get the bank’s attention, at least enough to settle out of court in your favor to some extent.
Holding the note is enough to confer the liability (which I don’t personally agree with), that’s why they do a Phase I (research/historical and site visit as opposed to Phase II where you start sticking holes in the ground) assessment on everything they lend for commercially, and for residential probably over a certain limit or in certain areas with dubious past uses.
We were inundated with mosquitoes and those damned tree frogs, and ti turned out the abandoned house next to us had no pool cover, was filled with black, nasty water. We hounded the bank and the the town until they came down and at least put a cover over it.