The main reason for a bank to foreclose on a property is because of the homeowner’s failure to make the mortgage payment. Banks do not want to foreclose on a property as it burdens them with a non performing asset that generates no revenue, makes them responsible for the home’s taxes, and requires physical upkeep of the property. Therefore, home buyers can find great deals with a St. Louis foreclosure as banks are motivated to sell the home for less than market value get the property off their books.
