No, this has nothing to do with The Walking Dead, but losing a house to foreclosure can be a harrowing experience. “Zombie foreclosures,” also referred to a “zombie titles” or “zombie properties,” are a phenomenon where a homeowner vacates a residence being foreclosed before the foreclosure is final.
This happens because either the owner just wants to be rid of the property and walks away, or the owner thinks the foreclosure has been completed. Zombie foreclosures happen in areas where home values are down, and lending institutions that own the titles of the properties find themselves owed more money than the property is worth. This leads some banks and lenders to abandon these properties and let them fall into disrepair.
But there’s good news. Zombie foreclosures are less frequent in 2015 than they were in 2014. Citing statistics from real estate information company Reality Trac, zombie foreclosures are down 27 percent from last year. This is considered a barometer for the overall improvement of the economy. Things seem to be looking up.
But, if you’re having financial problems and are in danger of being foreclosed upon, you want to avoid a zombie foreclosure. The best way to achieve this is to seek the representation of an experienced and qualified foreclosure attorney.
The legal team at McFarlin LLP has represented Orange County clients for many years. We can attempt to get your loan modified so you can keep your home, or make sure your foreclosure is complete and legal.
Call our office today at (888) 728-0044 for a free consultation. We are here to service all your real estate legal needs.