bank walkaway
n.— «Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal—from legal fees to maintenance—exceeds the diminishing value of the real estate. The so-called bank walkaways rarely mean relief for the property owners, caught unaware months after the fact, and often mean additional financial burdens and bureaucratic headaches.» —“Banks Starting to Walk Away on Foreclosures” by Susan Saulny in South Bend, Indiana New York Times Mar. 29, 2009. (source: Double-Tongued Dictionary)
Further reading
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