“Zombie foreclosures result when banks begin a foreclosure -even going so far as to send the homeowners a foreclosure notice – but then abandon it, failing to alert the homeowners, who have often moved out, that they are still responsible for their vacant properties.  Borrowers, who don’t realize they still own their homes, are then left responsible for mortgage debt, taxes and upkeep.  Zombie foreclosures usually occur on low-value properties that weren’t worth the banks‘ time to foreclose upon. Rather, the banks charged the houses off. Banks have been walking away from foreclosures much the way some homeowners walked away from their mortgages.”

http://www.reuters.com/article/2014/03/13/us-regulations-zombie-idUSBREA2C1GA20140313

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