unresolved foreclosures: Zombies In Chicago
- 01/31/14 03:39 AM
The Woodstock Institute, a nonprofit research and policy organization located in Chicago, recently did a study of unresolved foreclosures in Cook County from 2008 to 2012. They call these cases “zombie properties.” The Woodstock Institute defines a zombie property as a property that has been in foreclosure for more than 3 years and still unresolved. This can be due to the fact that neither borrower nor servicer has clear control of the property, or neither has the incentive to assume responsibility of the property. “You're stuck in this situation where nobody really has a long-term interest in the property. The … (0 comments)
The Woodstock Institute, a nonprofit research and policy organization located in Chicago, recently did a study of unresolved foreclosures in Cook County from 2008 to 2012. They call these cases “zombie properties.”
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