WHAT IS A ZOMBIE FORECLOSURE?
Zombie Foreclosures happen when a bank files foreclosure, the homeowners move out, and the bank never completes the foreclosure.
Years later, the homeowners find out that they are still liable for costs such as taxes and repairs. It’s the last thing you want happen to you when you are already going through the foreclosure process!
Protect yourself from falling victim to a Zombie Foreclosure. Check and see if your name is on the title by checking online or with your county’s public records. If you are you need to get in touch with your bank and see if they are going to finish the foreclosure or not.
If you do find yourself in a Zombie Foreclosure scenario take the time to mitigate your losses by ensuring:
- The property is secure
- The property is maintained
- The real estate taxes & other expenses are paid on the property so you don’t incur further liabilities.
Getting back on your feet after foreclosure isn’t an easy process, but it is possible.
Read more about Fighting the Foreclosure Nightmare that Never Ends here.
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