Banks tell homeowners they are being foreclosed on, lock them out of their house, but don't complete the foreclosure.
The homeowners still have to keep paying for the house they thought was foreclosed on, including fines and taxes, while the bank prevents them from living in or even selling the house.
The bank profits by not having to sell the home or pay the taxes and writing the home off as a loss on their taxes and turning it over to bill collectors.
This financial fraud is a cruel injustice that hurts the economy. Around this time last year, approximately 2 million homes had zombie titles.
Laws should be changed, retroactively if possible, to prevent this from happening.
The banks should be held legally and financially responsible in all cases where this occurs or has occurred.