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Retrieved 12 June Foreclosure Nation: Mortgaging the American Dream. USA: Prometheus Books. Structuring Commercial Real Estate Transactions. USA: Aspatore.
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Namespaces Article Talk. During that process, the homeowner still owns their home. Zombie foreclosures happen when the homeowner assumes they have lost their home and moves when the bank begins foreclosure, but the foreclosure process is never completed. So both the homeowner and their title are caught in between this world and the next, like a zombie.
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You wind up with a whole slew of new problems—which the homeowner, not the bank, can still be liable for without even knowing it. Traditionally, the point of foreclosing on a home was to sell it and pay back the loan, but a lot has changed. In other words, after they pay off those expenses, there might not be any money left to pay back the loan, so why bother?
Another big issue has been all the new regulations.
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These are all reasons behind zombie foreclosures. Homeowners can take steps though, as well as anyone else adversely impacted by a zombie foreclosure, such as HOAs or municipalities.
Your first step when fighting back against a zombie foreclosure is to check the county or tax records. Anyone who has been foreclosed on might want to do this, if only to be sure.