Zombie foreclosures may not refer to the walking dead, but they can be just as scary for homeowners and communities.Join usas 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!
