Stalling the Foreclosure Process: The Complexity Behind Bank Walkaways

Recent reports in the media raise concerns that banks are walking away from foreclosed houses, leaving the owners and houses in limbo. While media reports document specific instances of presumed bank walkaways, it has proven difficult to quantify the problem because the term lacks clear definition and local data sources do not contain information specifying the cause of creditors’ actions. Moreover, there are many factors that can delay or disrupt the foreclosure
process, but over time these factors may be resolved, raising the possibility that the foreclosure may eventually be completed. This report takes an in-depth look at stalled foreclosure cases in Cuyahoga County in order to describe the factors involved in these delays and determine whether it is possible to recognize potential bank walkaways using public records.