Make Sure the Bank Takes Your Foreclosed Home

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Make Sure the Bank Takes Your Foreclosed Home

Make Sure the Bank Takes Your Foreclosed Home

“The public records are very clear that the homeowners still own the property,” Blomquist says. “The issue … is that they are unaware they still own the property, and they are then held responsible for expenses related to that property.”


FOX-

What happens to a house when the beleaguered owner moves out, and the lender never finishes the foreclosure paperwork?

It becomes a zombie house.

The term “zombie house” applies because the absent homeowner is still legally responsible for the foreclosed property and can be haunted by:

Property taxes.
Homeowners association fees.
Fines for building code violations.
Other expenses.

A zombie house can be plagued by other problems as well, such as:

Squatters.
Mosquito-infested swimming pools.
Natural gas leaks.

[FOX]

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