Zombie Foreclosures

Zombie Foreclosures happen when a bank files foreclosure, the homeowners move out, the bank never completes the foreclosure and years later, the homeowners find out that they are still liable for costs such as taxes and repairs. Under the big $26 billion settlement between banks and the Attorney General from most states, following the so-called "robo-signer" debacle, banks that decided not to finish a foreclosure agreed to extinguish the mortgage entirely and notify the homeowner that they own the home free and clear. Some forgot to notify the homeowners! Cleaning up zombie foreclosures will help in the full recovery of America's housing market and perhaps your own home value.

Shari Olefson's picture
Shari Olefson

Add new comment

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
By submitting this form, you accept the Mollom privacy policy.