Should you be afraid of Zombie Foreclosures?

If you look around your neighborhood, you’ve probably seen a few vacant houses. You can tell by the newspapers piling up in the driveway, the unkempt lawns with overgrown weeds, and the lights are never on. They even look like the perfect setting for a Halloween haunted house.

But these homes are haunted by a foreclosure; some may even be “Zombie Foreclosures”. Does this mean the undead will begin walking through your streets? No!

A Zombie foreclosure is one where the title never actually gets transferred. Once the homeowner receives a foreclosure notification from their lender and vacates the property, the owner might assume that the bank has assumed the responsibility for the property. But some of these homes sit vacant for years before the bank actually takes possession. How does this affect you?

If you are the homeowner who received the foreclosure notification, you might want to speak to an attorney to ensure that it doesn’t further affect your credit rating. If you are the neighbor of a Zombie foreclosure, the statistics of foreclosures in your neighborhood might actually be higher than you originally thought since these homes have not yet been classified as a foreclosure.

For more information about foreclosures, please contact us online at Adams & Associates or reach us directly at 305.615.2905.

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