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CCIA Monthly Meeting - Zombie Foreclosures

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CCIA Monthly Meeting - Online via Zoom 
THIS SUNDAY
January 15th, 2023  5:30pm CT


ZOMBIE FORECLOSURES
with M. Jane Garvey and Tony Youngs

Zombie foreclosures may not refer to the walking dead, but they can be just as scary for homeowners and communities. Join us as we explore:
  • How and why do properties and people end up in this situation?
  • Why wouldn’t the bank finish the foreclosure?
  • Wouldn’t these properties go to tax sale/tax deed?
  • If you find one of them, how do you clear the title?
  • If someone gave the bank a deed-in-lieu could it still be a zombie?
  • How to buy a Zombie Foreclosure
  • Are there free and clear zombie properties?

A zombie foreclosure refers to a situation where a homeowner vacates their property after receiving a notice of default, expecting they will lose the home in the pending foreclosure.

The foreclosure may get canceled for any number of reasons and never completed. This means the house title will remain with the homeowner, who may not even know they still own the home and are financially responsible for it.

So why is it called a zombie foreclosure? Like its namesake, the house is essentially dead, growing more decayed and decrepit over time, but its mere presence can continue to cause harm to its former owners and the community around it.  JOIN US!

A rather startling piece on ABC News talked about Chicago homeowners being stuck with expensive fines for “zombie foreclosures’ on ‘zombie properties’.  “One woman is being haunted by a property that was sold almost 60 years ago, another getting her wages garnished.”
 
MEETING AGENDA

5:30PM - Informal Networking
  • Informal Networking - open discussion and Q/A
 6:00PM - Main Meeting 
  • Benefits & Updates - with Jane Garvey
  • CCIA Announcements
  • A Few Minutes with Steve...
  • Have/Want and Property Presentation 
6:45PM:  Featured Presentation - Zombie Foreclosures

Looking forward to having you join us via Zoom on Sunday January 15th, 2023
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