Zombie foreclosure refers to the situation caused when a homeowner vacates a property before ownership of the house is transferred.
Nationwide a total of 14,312 properties in the foreclosure process were vacant as of the end of Q3 2017, representing 4.18 percent of all properties in foreclosure. States with the most of these vacant "zombie" foreclosures were New York (3,528), New Jersey (2,261), Florida (1,963), Illinois (999), and Ohio (974). The Foreclosure Sale.
The Consumer Financial Protection Bureau (CFPB) is reportedly investigating how banks are handling zombie foreclosures – homes in foreclosure that have been vacated by the homeowner before foreclosure proceedings have been completed, and thus are in ‘limbo’ – to see if more can be done to address the problem. According to a Reuters report, Laurie [.]
From 2008 to 2010, 8.7% of foreclosures filed in Cook County, Illinois were zombie foreclosure, accruing to more than 5,800 zombie properties in the City of Chicago. But this is just the beginning.
5 Housing Markets Overrun By zombie foreclosures abandoned foreclosures are still an issue in several metropolitan areas as banks and local governments decide whether to cure their ills or kill.
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Real Property Law; Foreclosure; Foreclosure. Sometimes a foreclosure is simply unavoidable, if a loan modification, a short sale or deed in lieu are not available to you. New York is a judicial foreclosure state. This means that the lender who holds your mortgage must file a lawsuit against you in court to enforce its lien against your home if you fail to make payments on the loan.
Please contact a real estate attorney before purchasing a zombie foreclosure. This is a complex strategy that requires the right expertise.What is a Please contact a real estate attorney before purchasing a zombie foreclosure. This is a complex strategy that requires the right expertise.What is a
The Consumer Financial Protection Bureau (CFPB) is reportedly investigating how banks are handling zombie foreclosures – homes in foreclosure that have been vacated by the homeowner before.
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What is a zombie foreclosure? Zombie foreclosures are homes that the former owner has vacated but the bank has not yet taken title. Often, the former homeowner does not even know they still own the property. Until the bank completes the foreclosure, the homeowner definitely does still own the property.
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