Beware Of Zombie Titles!

By
Mortgage and Lending with CrossCountry Mortgage, LLC NMLS #3029 NMLS #126036

Beware Of Zombie Titles!

 

Home Buyer Alert Montgomery County PAWith 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.

Its 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, please contant your trusted mortgage professional.

Posted by

For help or questions contact:

Joe Gonzalez

Senior Loan Consultant -  NMLS #126036
GMH Mortgage Services, LLC
625 W. Ridge Pike, Building C, Suite 100 | Conshohocken, PA  19428 | Direct: 610-355-8039 |  Cell: 610-739-6563

FHA Jumbo Loan, Mortgage King Of Prussia   FHA Jumbo Loan, Mortgage King Of Prussia   FHA Jumbo Loan, Mortgage King Of Prussia

This material is non-exclusively licensed to Joe Gonzalez and may not be copied, reproduced, or sold in any form whatsoever. Copyright ©2006-2014, Bring the Blog. All rights reserved. Terms of Service.
close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Pamela Seley 10/30/2013 12:49 AM
Topic:
Home Buying
Location:
Pennsylvania Montgomery County Plymouth Meeting
Tags:
home buyer tips
bank owned
foreclosure
short sale
montgomery county pa

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
908,388
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Great explanation how zombie titles degrade neighborhoods and a homeowner's credit and life. 

Oct 30, 2013 12:44 AM #1
Rainmaker
663,492
Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Joe, so true, I am glad to see that the distressed housing market is taking a less prominent position at least in my local market and we will not experience as much of this zombie title issues as we did in the past.

Oct 30, 2013 01:47 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
307,525

Joe Gonzalez

NMLS# 126036 (610) 739-6563
Ask me a question
*
*
*
*
Spam prevention

Additional Information