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What is a Zombie Foreclosure? You Need to Know.
 
Homeowners think that when they receive a notice of foreclosure from their bank, it’s time to move out. But sometimes banks unexpectedly dismiss the foreclosure, and the home’s title remains in the name of the owner who thought he or she had lost the property.
Homeowners who aren’t aware of this practice can find themselves the holders of so-called “zombie titles.” A regular title becomes a zombie title when a homeowner finds himself or herself being mindlessly pursued by mortgage servicers, local governments and debt collectors for bills related to a home she thought she no longer owned.
For a variety of reasons, lenders may hold off on completing a foreclosure because they simply don’t want the house back, or because they have too much inventory on their hands, or because the costs of foreclosing do not justify completing the foreclosure. Banks are not obligated to foreclose and take legal title to a property if they feel the loss or potential liability is too great.
The bank may not tell the homeowner it has stopped moving forward with the foreclosure or canceled it altogether. The bank may not attempt to notify the homeowner because it isn’t legally required to. Even ... more

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