An article on the New York Times Web site describes the plight of some property owners who have given up hope on catching up on their mortgages and walked away from homes or investment properties only to find that the bank that owns the loan won’t take possession of the property either.

According to the article, “City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: 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 new development in the foreclosure crisis emphasizes that if you are facing financial problems, you should do everything possible to keep in touch with your creditors and attempt to negotiate a solution to your problems.