zombie foreclosure

Performance Property Real Estate Question

What The Hell Is A Zombie Foreclosure?!

Q: Gerald, I heard an economist recently say that the number of zombie foreclosures were going down. What The Hell Is A Zombie Foreclosure?! Jamie, Bayonne, NJ A: A zombie title is a real estate title that has stayed with the owner of a residential property after the mortgage lender has begun a foreclosure process (making the owner believe in some cases that they no longer own the property).  If the lender does not finish the foreclosure process, the title to the property remains in zombie status, which means it remains in limbo, hence the phrase, zombie foreclosure. Some homeowners pack up and move when they receive a foreclosure notice because they assume the lender will take the property from […]

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