ATTOM predicts that the number of zombie properties could increase in 2022, as more banks and lenders pursue homeowners who fell behind on mortgage payments during the COVID-19 pandemic. In the first quarter of 2022, roughly 1.4 million residential properties out of the nation’s stock of 98.8 million are sitting vacant as zombie properties, according to the real estate data firm ATTOM Data Solutions. Or that they are still financially responsible for a house they abandoned due to a notice of default on the mortgage. There are numerous reasons a lender might not finalize a foreclosure, including the high costs associated with the foreclosure process or taxes.Īs a result, the homeowners do not realize that the house title and all the associated property taxes are still in their name. The property-much like a zombie-is neither living nor dead. That means the bank or the lender decided not to finish the foreclosure process and therefore did not take ownership of the property. What is a zombie property?Ī zombie property (aka zombie foreclosure) is a home that its owners vacated during a foreclosure process that was never completed. To help you steer clear of disaster, here’s everything you need to know about buying a zombie property-the right way. “Zombie properties can be a fantastic opportunity or a major nightmare,” says Cody Richard, owner of Full Circle Homebuyers.
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