Foreclosing on your home is not the same as just walking away, financial experts say if you do that it could come back to haunt you long after you have moved out. Since the housing bubble burst seven years ago thousands of properties are said to be in so-called "zombie foreclosures." That's when a borrower moves out of a home after their bank schedules a foreclosure auction only to find out months or years later that the auction never took place or the bank never transferred the deed to the house. When this happens, the borrower still technically owns the home, and all the debt that goes with it.
From CBS 42
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