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Zombie Foreclosures

Posted in Foreclosure

CFPB: Zombie foreclosures hurt borrowers The Consumer Financial Protection Bureau is keeping an eye on “zombie” foreclosures, which it worries cause “direct borrower harm,” according to a CFPB executive. Zombie foreclosures occur when a bank starts the foreclosure process but then abandons it and fails to alert the homeowner. Homeowners in zombie foreclosures have often already moved out of their homes, not realizing that the foreclosures were never completed and that they are still responsible for mortgage debts, upkeep and taxes, according to a Reuters report. Thousands of borrowers across the country are the unwitting owners of zombie homes, Reuters reported. Many of them are oblivious that their mortgage debts and municipal taxes are continuing to pile up. “There is direct borrower harm if a borrower believes a foreclosure on their property has been conducted and they are no...

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