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CFPB: Zombie foreclosures hurt borrowers

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Mortgage Professional America | 19 Mar 2014, 05:58 AM Agree 0
The Consumer Financial Protection Bureau is keeping an eye on “zombie” foreclosures, which it worries cause “direct borrower harm,” according to a CFPB executive
  • Debbie Logan | | 19 Mar 2014, 07:45 PM Agree 0
    Seriously? Why a person wouldn't follow up on what is happening with their home is beyond irresponsible. First of all they obviously missed several payments. And should be communicating with the lender to determine their options. It may be up in the air whether the lender contacted them or not about stopping the process, if the people don't pick up certified mail are we going to blame the banks? How does that make sense. Foreclosures are posted in newspapers and usually take place as a public auction. And if the lenders do a charge-off usually the IRS sends a 1099 to the homeowner. When do people start taking responsibility for their actions. CFPB has a purpose and there is a definite need for oversight. However, CFPB or the banks are not the parents of the homeowner, if they are responsible enough to purchase a home to begin with then they need to continue with that responsibility which means contacting their lender as soon as they run into trouble financially not bury their head in the sand.
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