Foreclosures are not without costs for banks. It's a royal pain, especially in a declining market. So we shouldn't be shocked that more banks are simply walking away--refusing to take possession of a property after a foreclosure, as the New York Times reports. This may sound good for the owner, but it really presents some challenges.

Most people see it as a way for banks to push off some responsibility on the people who have suffered most. They are being asked to resume maintenance on properties that have really lapsed to the point that a major investment would be required. In some cases, the owners have moved on with their lives. It could be an opportunity for some, but you have to wonder how the bank or mortgage owner will respond when the market picks back up. The former owners will likely end up on the losing end here. 

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