Zombie foreclosure could mean free house for some
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Zombie foreclosure could mean free house for some
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Piggybankblog posted on 01/22/13
Cross linked with wptv.com
BOYNTON BEACH, Fla. – At the end of a cul-de-sac in Boynton Beach’s Dos Lagos neighborhood sits one of two empty foreclosures on the street.
“It’s just in limbo. Waiting for the bank to come and take it,” neighbor Dos Ledsworth showed NewsChannel 5.
Ledsworth says no one has lived there in years.
“We cut the grass and make sure it’s kind of presentable,” Ledsworth said. The foreclosure process started in April 2010, and for whatever reason, the bank hasn’t finished.
It’s one of possibly two million so-called zombie foreclosures in the U.S.
“So the homeowner, unbeknownst to them, actually remains on the title to the property. Meaning they’re still responsible for the real estate taxes, for maintaining the property, for anything that happens on the property, god forbid someone gets hurt,” real estate attorney Shari Olefson said.
Olefson told NewsChannel 5 in some cases it doesn’t make sense for the bank to foreclose.
“The property value has gone down. By the time they get the home it needs a lot of repairs, and there’s back taxes, and they’re just not going to get enough money to pay off the loan anyway,” Olefson said.
So how do you know you’re not the owner of a zombie foreclosure? Check public records. And if you’re still on the title of your foreclosure, ask your bank its intentions.
Olefson says under some foreclosure settlement deals banks are required to forgive the mortgage.
“Theoretically there may be people who moved out of their home 2 or 3 years ago don’t realize they still own it and now are in a situation where the bank is willing to forgive their mortgage,” Olefson said.
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To check property records in your county click below:
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2 Comments
Olefson is not correct in his assumption that the bank is only going to get enough to pay off the loan; they have already recovered MILLIONS on the default through yield spread tier, pool insurance, pmi, Shared Loss, unearned interest, agreements with the FDIC and deficiency judgments. The property was a slot machine for the bank, and now that it’s stopped rolling, the bank might actually have to shell out money to run another foreclosure through, and if the property goes back to them on a credit bid (typical) then they have to keep up the property. You can see why the zombie properties are beginning to pile up.
It was always about the banks and now the tide has turned and they don’t want to take responsibility. The counties that actually evict their own residents for these big crooks are going to suffer the error of their ways.
Some homeowners had savings and work in these homes that they were never reimbursed for, the banks were looking to make a cool steal deal. People need to see them for crooks.