Thursday, May 30, 2013

Make sure the bank takes your foreclosed home!

So, weary foreclosed home owner, at the end of the long and nerve-wracking foreclosure process not only do you have to deal with a credit that is wrecked and the possibility that the bank may sue you for a deficiency judgment but it appears that you may now have an additional nightmare to deal with  the possibility that although you may have "lost" your home, you may actually still own it............

- John Brancato, Loss Mitigation
The Law Office of Robert E. Brown, PC


What happens to a house when the beleaguered owner moves out, and the lender never finishes the foreclosure paperwork?

It becomes a zombie house.

The term "zombie house" applies because the absent homeowner is still legally responsible for the foreclosed property and can be haunted by:

  • Property taxes.
  • Homeowners association fees.
  • Fines for building code violations.
  • Other expenses.
A zombie house can be plagued by other problems as well, such as:

  • Squatters.
  • Mosquito-infested swimming pools.
  • Natural gas leaks.

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