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What Is A Zombie Title?

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Mortgage and Lending with AmeriFirst Financial, Inc 1044225

What Is A Zombie Title?

 

In the theme of Halloween, here is some great information out of our Arizona office.  As always if you need help with any mortgage products in Colorado please call Kyle Hatch at AmeriFirst DTC:

720-502-1080

 

 

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

 

A Zombie Title is when a home has been vacated because the owners defaulted on their loan and their bank started the foreclosure process. But, for some reason the bank never completed the foreclosure and sold the home.

 

So, when the city starts fining someone for the overgrown grass and weeds, the homeowner who thought they were finished with the property still gets the bill.

 

A Home That Keeps Haunting

 

In Many cases homeowners think they don’t own the property any longer. They have moved on and are trying to rebuild their credit score and are working on 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.

 

Its Spooking The Neighborhood

 

These vacant homes can decrease the value of a neighborhood. If the bank or the un-suspecting homeowner are not taking care of the property, then it will become overgrown and an eyesore on the block. It becomes a problem with no solution because the owners don’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, please contact your trusted mortgage professional Kyle Hatch at 720-502-1080 or email at khatch@amerifirst.us

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What Is A Zombie Title?

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