Zombie title
A zombie title is a real estate title that has stayed with the owner of a residential property after the mortgage lender has begun a foreclosure process (making the owner move out to enable sale of the property) but then cancelled the foreclosure process. The lender is not required to notify the owner of the cancellation, who is therefore often unaware of the obligations associated with continued ownership, such as payment of local taxes and upkeep of the property in accordance with local bylaws.[1][2][3] The prevalence of zombie titles greatly increased in the United States following the financial crisis of 2007–08.[4][5][6][7]
References
[edit]- ^ Deeds.com, 29 March 2013, Zombie Titles and Foreclosures in Real Estate
- ^ Investopedia, Zombie Titles
- ^ DeBord, Sam. "Zombie Titles: When Foreclosures Become Walking Dead Homes". Real Estate News. Retrieved 2013-04-22.
- ^ Michelle Conlin, Reuters, 10 January 2013, Special Report: The latest foreclosure horror: the zombie title
- ^ Forbes, 29 January 2013, What Homeowners Need To Know About Zombie Titles
- ^ Scott Gunnerson, USA Today, 1 September 2013, When owners walk, 'zombie' homes become nuisance
- ^ Michelle Conlin, Reuters, 10 January 2013, Curse of the zombie title: They bought the house, but it’s still not theirs
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