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'Zombie titles' increasing in number
In the ever changing world of real estate, we are learning new terms when it comes to the foreclosure market and how it affects homeowners. The latest term to surface in the industry is 'Zombie Titles'.
It will impact many homeowners in the future and may not surface until years later. However, the consequences can be a disaster for the homeowner and negatively impact his financial future. Often the homeowner is unaware of the situation until he attempts to secure credit to purchase a new home, vehicle or other large item. Zombie Titles are a little known horror in the fallout of the foreclosure crisis.
If the homeowner receives a notice from the bank and a subsequent notice of a foreclosure sale, he decides to move out to give the home to the bank. The homeowner then settles into a new location and thinks this nightmare is behind him. WRONG! If the bank never goes thru with the foreclosure sale, the property sits in limbo with what is described as a Zombie Title.
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Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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