2014-03-12 — nationalmortgagenews.com
``Consumer advocates have repeatedly asked the CFPB to address the issue, saying servicers are not complying with certain disclosure requirements to borrowers and anti-blight provisions that require banks to release the lien on a property or complete a foreclosure sale, rather than leaving a property in limbo.
The CFPB is participating in several industry-led task forces to try to identify the hundreds of thousands of homes that have been dubbed "zombie foreclosures."
Bank "walkaways" typically occur on low-value properties. Often a bank or mortgage servicer will determine that the cost to repair a home is more than the property is worth, and may choose not to complete a foreclosure. But that means the borrower has to continue paying the debt, taxes and upkeep.''
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