CFPB targets zombie foreclosures

The CFPB has been taking a hard-lined stance when enforcing RESPA, including sending the most serious offenders to jail. The CFPB also has authority to enforce TIL; to read that it is turning its attention to those lenders that engage in ‘zombie foreclosures’ is a good thing for consumers as well as for those who practice in the real estate industry.

A huge problem for HOA and condo associations over the past 5 years has been "zombie foreclosures." That’s where a bank starts the foreclosure process on a property and the owner moves out, but then the bank doesn’t complete the foreclosure (no state law requires banks to complete foreclosure within a timeframe).

CFPB Has ‘Zombie Foreclosures’ In Its Crosshairs. March 18, 2014 by Mike Wheatley . The Consumer Financial Protection Bureau is targeting "zombie" foreclosures, a growing problem where.

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

 · CFPB Has Zombie Foreclosures’ In Its Crosshairs. March 18, 2014 by Mike Wheatley . The Consumer Financial Protection Bureau is targeting “zombie” foreclosures, a.

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 · CFPB to Look Into Zombie Foreclosures. Home / 2014 / March / CFPB to Look Into Zombie Foreclosures. Richard Zombeck, Zombie foreclosures are when a bank or servicer starts foreclosure proceedings, the homeowner moves out, and then the bank fails to follow through. The homeowner is then left in a sort limbo, waiting for the ball to.