According to Sandra McNeill, the term zombie foreclosure refers to homes that have been foreclosed on but the tax debt is not dead. Just because a homeowner has moved out, does not mean the actual foreclosure process has begun. It is important to remain in constant contact with the bank to ensure the proper procedures are completed in a timely manner.
If the foreclosurezombieforeclosure process is not complete, the homeowner will still be taxed, which can damage the homeowner’s credit score. The banks have been backed up with so many foreclosures. It takes a while for the banks to begin the foreclosure process, if they even begin the process at all.
Not only does a foreclosure affect the homeowner, it affects the entire neighborhood. Homes in the area also decline in value if there is a foreclosure nearby. Many unfinished foreclosures happen in areas that are difficult to sell. Banks delay taking ownership of the home in order to avoid paying fees. Some homeowners are unaware that this is a possibility. This usually results in the debit not being paid off for years.
Starting Point Home Solutions can make sure you are on the right track with your foreclosure to ensure the right steps are being taken to complete your foreclosure process. Don’t be in debt because of an unavoidable foreclosure. Starting Point Home Solutions will guide you through the entire process. With help from beginning to end, you can avoid a zombie foreclosure and unexpected debt in the future.