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A bank walkaway is a decision by a mortgage lender (a bank) to not foreclose on a defaulted mortgage (when the borrower has ceased to make the payments), or to not complete foreclosure proceedings (to "walk away" from the mortgage).
Construction halted in 2008, prior to the construction of any homes or commercial properties. After foreclosure proceedings in 2010, Homestreet Bank repossessed much of Kuo's land, intending to find another developer. [2] [4]
The Fair Foreclosure Act (FFA), N.J.S.A §§ 2A:50-53 to 2A:50-73, is a state law that protects residential mortgage debtors and establishes a uniform statutory framework under which courts can more clearly identify the rights and remedies of the parties involved in foreclosure proceedings throughout New Jersey. [1]
On average, between 1980 and 1994, a US bank failed every three days. The pace of bankruptcies peaked immediately after the 2008 financial crisis. [1] The 2007–2008 financial crisis led to many bank failures in the United States.
In Spring 2011 there were about a million homes in foreclosure in the United States, several million more in the pipeline, and 872,000 previously foreclosed homes in the hands of banks. [350] Sales were slow; economists estimated that it would take three years to clear the backlogged inventory.
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