Zombie Mortgage/Property: a house whose owner has abandoned the property but which the bank never finished the foreclosure process. After falling behind on house payments, and receiving a legal notice of default, homeowners know that a foreclosure auction is about to happen. Most of the time the owner will move out before the auction date and begin the road to recovery and start life anew. Prior
to 2007, the bank would foreclose and that would be the end of it. Bankruptcy was probably filed, credit scores got better, and life began to improve. At least that is what was expected to happen, but it didn’t! Years later the ugly truth rose from the grave...
The realization that many times the banks did not follow through with the foreclosure and the ownership remains in the name of the person who thought they lost the property. The property rose from the dead as a Zombie! What these homeowners are not aware of is that they are still responsible for the property and everything that happens on it or to it. This phenomenon is called many names such as Zombie Mortgages, Zombie Liens, Zombie Foreclosures, Zombie Homes, Zombie Houses, or Zombie Properties
If any of this sounds familiar, your problems may have only started! You may or may not be the holder of one of these Zombie titles which can affect you for the rest of your life. If you think you have already been foreclosed upon, we can check for sure, and if your mortgage is a zombie mortgage we may have solutions for you. If you are currently facing foreclosure we have solutions for you also, before this happens to you. Read through our website and you will begin to understand what is going on…and the solution that we bring to the table.