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2014-03-12 — nationalmortgagenews.com
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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