Beware Of Zombie Titles

Beware Of Zombie Titles

With the economic downturn, anyone dealing in real estate quickly became familiar with previously little-known terms such as foreclosure and short sale. Now that the housing market is picking back up and people are moving on, a new term is coming to light — zombie titles.  

The Zombie Title
This is when a home has been vacated because the owners defaulted on their loan and their bank started the foreclosure process. However, for some reason or another the bank never completed the foreclosure and sold the home. So, when the city starts fining someone for the overgrown grass and dilapidated structure, the homeowner who thought they were finished with the property gets the bill.  

A Home that Keeps Haunting
Homeowners think they don’t own the property any longer and therefore try to move on by rebuilding their credit score and finding a new place to live. It can be a rude awakening to find out that not only do they still own a home they could have been living in, but also its long vacancy has caused it to fall into disrepair.  

It’s Spooking the Neighborhood
These vacant homes can decrease the value of a neighborhood. If the bank or the un-suspecting homeowner are neither one taking care of the property, then it can become overgrown and an eyesore on the block. It becomes a problem with no solution because the owner won’t want to invest any money in fixing up the property when the bank could come back with the foreclosure at any time.  

Nail Shut the Foreclosure Coffin
Homeowners who have foreclosed on a home should double check that their bank actually followed through to closing on a sale. They could contact their lender or check public property records just to make sure. Otherwise, they could be haunted by their housing nightmare all over again.  

Don’t let the zombie title of a past property haunt your future! Check with your bank to make sure you’re free and clear of your foreclosure. If you’d like more information on zombie titles or have other questions about local real estate, please call me at 214-727-3366 or email me at [email protected]

Call Lisa Cardillo with JP and Associates REALTORS today.  Lisa Cardillo specializes in residential real estate in Wylie and Sachse as well as the surrounding communities.  Want a faster sale at a higher price? Let my education, experience and advanced marketing techniques benefit you in the sale of your home.   Looking at buying or selling real estate, visit my website www.HomesByCardillo.net
     

Links:   
Foreclosure process http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure/foreclosureprocess   Rebuilding their credit score http://money.msn.com/credit-rating/11-tips-to-rebuild-your-credit  
Decrease the value of a neighborhood http://realestate.msn.com/7-neighborhood-threats-to-your-homes-value


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Phone: 214-727-3366
Dated: July 8th 2013
Views: 2,442
About Lisa: Assisting people on the purchase or sale of their home is what I love to do! My name is Lisa Ca...

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