Mortgage Foreclosures

Entities responsible for managing home mortgage loans -- called servicers -- may initiate foreclosure proceedings on certain delinquent loans but then decide to not complete the process. Many of these properties are vacant. These abandoned foreclosure -- or "bank walkaway" -- properties can exacerbate neighborhood decline. This report assessed: (1) the nature and prevalence of abandoned foreclosures; (2) their impact on communities; (3) practices that may lead servicers to initiate but not complete foreclosures and regulatory oversight of foreclosure practices; and (4) actions some communities have taken to reduce abandoned foreclosures and their impacts. Charts and tables. This is a print on demand report.