Depending on the price of your house-

I bought an REO property. The contract price was $2000. The listing agent's commission was $1000, the buyer's agent's commission was $1250, the closing cost for the bank was $650, and above all, the bank had to pay off $7000 unpaid HOA. So, you see how much the bank lost in this transaction only. Needless to say the mortgage, and the attorney fee to foreclose the property.

Now the banks become smarter, so if they don't see the benefit of foreclosure, they will just keep the note.