CFPB targets zombie foreclosures

Continuing to fill in gaps at the federal level, state attorneys general are keeping busy with enforcement actions, and on issues that might have received more CFPB attention under the old Cordray.

The consumer financial protection bureau (cfpb) is reportedly investigating how banks are handling ‘zombie foreclosures’ – homes in foreclosure that have been vacated by the homeowner before foreclosure proceedings have been completed, and thus are in ‘limbo’ – to see if more can be done to address the problem.

Secrets to Foreclosure Auctions and Tax Deed Sales Return of Zombie Foreclosures | zombielaw – Some zombie foreclosures can be cured if a new homeowner is interested in buying the property, often via short sale, and rehabbing.. Unfortunately the best solution for some zombies is a kill shot in the form of full demolition. Reuters:"CFPB targets "zombie" foreclosures after Reuters report" by Michelle Conlin:

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CFPB clearing decks with slew of lawsuits as Cordray battle looms – a partner at the law firm Arnall Golden Gregory and a former managing counsel in the CFPB’s Office of Regulations. "They have an extra incentive right now because they’re a political football.".

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The news earlier this week that Glens Falls has gotten $90,000 in state money to target unoccupied, unmaintained "zombie" homes that are going through the foreclosure process. I wonder if some of that.

Summary of the CFPB foreclosure avoidance procedures foreclosure avoidance In response to the poor experience of many distressed borrowers during the mortgage crisis, the CFPB is putting in place new procedures to facilitate borrowers’ access to foreclosure avoidance options. The new rules are designed to provide consistent and meaningful

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American Banker: CFPB Takes Aim at Zombie Foreclosures.. "The CFPB is beginning to look very closely at abandoned properties and zombie foreclosures," Maggiano said Tuesday at a conference sponsored by the Federal Reserve Bank of Cleveland.

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. In most cases the zombie foreclosure is stopped by the bank after the homeowner has moved out of the.