CFPB targets zombie foreclosures

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 · Banks Halting Foreclosures to Avoid Upkeep. Fair Housing Group Targets B of A in Latest Discrimination Suit; A Delicate balance: banks ‘acting rationally‘ with Home Backlog;. "We call them zombie foreclosures," says Daren Blomquist, vice president at RealtyTrac, which estimated with the number of abandoned foreclosures by cross.

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CFPB Hunting Zombie Foreclosures The Consumer Financial Protection Bureau has turned its attention to "zombie" foreclosures, as reported by Reuters. A zombie foreclosure occurs when a bank begins a foreclosure, but then abandons the process without informing the homeowner.

The Consumer Financial Protection Bureau is probing "zombie" foreclosures, a phenomenon first revealed by Reuters last year, Michelle Conlin reports. Thousands of borrowers across the country were.

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Since 2006, 10 million homes have fallen into foreclosure. More than 2 million homes remain in foreclosure. An estimated 152,000 homes are zombie foreclosures. [/ezcol_1third_end] The CFPB indicated that consumers had repeatedly asked the agency for help, saying the servicers were not complying with disclosure requirements.

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According to a Reuters report, a CFPB official, speaking at a Federal Reserve Bank of Cleveland conference last week, stated that the CFPB is beginning to take a close look at abandoned properties and "zombie" foreclosures. The term "zombie foreclosure" refers to a situation in which a borrower has moved out of a home.

 · The so-called "zombie foreclosure" is a new, big Consumer financial protection bureau (cfpb) issue. A zombie foreclosure is a foreclosure that is started, then the borrowers either move out of the property before receiving or just after receiving notice. Subsequently, the servicer halts foreclosure.

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 · In 2016, New York state passed a “zombie home” law that requires banks and their subcontractors to inspect houses in the foreclosure process.