real estate

What is abandonment?

 

What is abandonment?

The Bankrate.com financial term of the day is: "abandonment."

With abandonment, the owner of real estate or some other asset effectively says: "I give up." A debtor who owes on a property or a trustee who has responsibility over a property gives up ownership because it's seen as a burden or not worth the trouble. Once property has been abandoned, creditors who are owed on it can try to recover their money, such as through a sale.

Abandonment can be the last resort, a step taken by a property owner who can no longer handle the expense and responsibility.

On the other hand, when you're ready to step up and become an owner, visit the mortgage rate tables at Bankrate.com.

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