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The Real Deal Miami

When banks walk from foreclosures, borrowers don’t always get the memo

January 14, 2013 02:15PM

Despite the nascent recovery in the U.S. housing market, thousands of homes still sit vacant in highly distressed markets. But according to CNBC, despite their appearance, not all of these homes are foreclosures. Many are still owned by borrowers — whether they know it or not. Early last year, the nation’s five largest mortgage servicers signed a settlement over “robo-signing” foreclosure abuses. The deal resulted in thousands of properties being released from their liens, with many more to come. [more]