The homeowners whom the above article references amount to little more than "Zombie Foreclosure Zombies." They seem to wander in a stupor, abandoning the home, never bothering to read the mortgage, and acting like they haven't a clue. Clue about what? That they bear the responsibility for maintaining the home, and that includes allowing the servicer to send in a crew to secure the property if they abandoned it. Some just run off. Others also rent it out. Zombies.
Making matters worse, servicers often hire former felons to populate their property preservation teams, and such former felons often pillage/burgle the property contents which often belong to a renter. Why doesn't the servicer hire the mortgagor to secure the property? Most will enjoy having the extra money.
The Consumer Financial Protection Bureau (CFPB) ought to swivel its attention away from the foreclosure debacle and toward the monumental breaches, torts, and errors that loan originators and their agents commit at the inception of the loan, including loan modifications. They should instruct homeowners as to the typical ways those perps injure mortgagors: foreclosure fraud, loan application fraud, Title Company and closer fraud or negligence, naming the wrong property on the mortgage, and myriad other abuses.
Many lenders would walk from the property if mortgagors started getting their documents competently and professionally examined for evidence of causes of action, obtained proof thereby of those abuses, and sued the lenders and agents. I estimate that lenders and their agents have injured 90% of all single family home mortgagors.
I can think of no other way to force lenders (instead of mortgagors) to shoulder the brunt of equity loss the lenders caused with the predatory practices documented in the 2011 Financial Crisis Inquiry Commission Report (Google it).
1. Find the causes of action, then
2. Negotiate a settlement (with CFPB help), or
It's that simple. That would completely solve the Zombie foreclosure problem.
For an intelligent discussion on the subject call 727 669 5511 and ask for the Chief Zombie Killer. Or visit http://lixe.org.