Banks do not even want Ownership of some properties

Many times Banks go through the entire foreclosure process only to cancel the sale of the property the day before the public auction.  Many banks do this because they do not want to pay for the carrying costs of property ownership such as past taxes, maintenance, home association dues and maintenance fees.  In this scenario, the borrower can remain in the residence rent free until the Bank moves the Court for the Sale of the Property.  This could be months or years later when the Banks feel that the market is better to sell the property.

Additionally, many banks will offer the borrower favorable lease terms after the Sale of the property to the Bank.