The number of zombie foreclosures has decreased dramatically in the years since the 2008 housing crisis. ATTOM Data Solutions is the premier provider of real estate and property data. To find possible pre-foreclosures in your area, enter your search area on Zillow, then click “Listing Type” and choose “Pre-Foreclosure” under the “Potential Listings” heading. A homeowner who leaves a property upon receipt of a notice of foreclosure is abandoning the property without understanding the legal and financial ramifications. As such, the zombie foreclosure rate has risen, as Americans struggle to keep up with their monthly mortgage payments – an unfortunate trend that is set to continue. Could a zombie apocalypse be on the horizon? This also means that an impending zombie apocalypse is likely just on the horizon – highlighting the need for financial institutions to foreclose on vacant properties. However, leaving zombie foreclosures to fall into disarray can also damage the reputation of banks. Eventually, local authorities could attempt to recover unpaid taxes or fees, or charge the owner expenses for maintenance. Zombie foreclosures left by banks also spark anger from local governments – leading to mounting pressures on financial institutions to maintain vacant properties or continue with the foreclosure process. Check Zillow To protect against the effects of a home falling into zombie foreclosure, homeowners should stay in the residence until an official notice to vacate arrives. Typically, they are under the assumption the lender has already taken over responsibility for the property, but the truth is that it’s still possible for the foreclosure process to be halted or canceled altogether. Interested in finding out more about our real estate data and how it can help you manage risk? Pre-Foreclosure: What Happens before the Bank Forecloses on a Home. The owner of a zombie foreclosure is likely still responsible for maintenance, upkeep, Homeowners Association (HOA) fees and property taxes. Zombie mortgages need you. Then, they should follow up to be sure that the title of the property is no longer in their name. Zombie foreclosures came into existence because at the bottom of the downturn banks/lien holders faced a problem that they had never encountered before. When the title of a home in zombie foreclosure remains in the name of the original homeowner, who is often not aware that the foreclosure wasn't completed, it is known as a zombie title. By using Investopedia, you accept our. Read on to find out. Zombie homes are created when the foreclosure process begins, the homeowner moves out, but then the foreclosure is canceled for one reason or another, leaving the … In addition, the percentage of “zombie foreclosures” — which are essentially abandoned homes — has dropped to 2.96% of all foreclosed homes. You could try calling the lender or the loan servicing company, but that will get you nowhere fast. In South Bend, Indiana, the number is 1,275, up from 600 in 2006. These requirements do not end just because they have abandoned the home. ATTOM Data Solutions’ newly released Q3 2020 Vacant Property and Zombie Foreclosure Report reveals that 1.6 percent of all homes in the U.S. are vacant, numbering 1,570,265 residential properties, with 7,960 or 3.7 percent of those vacant properties in the process of foreclosure, otherwise known as ‘zombie foreclosures.’. We have many foreclosure homes in St Lucia in popular areas such Beausejour, Cap Estate, Gros Islet, Monchy, Castries and Vieux-Fort. Foreclosures are scary in a lot of ways; for one thing, your home could haunt you as a zombie.Vampires also exist in the context of foreclosures. We have heard about Zombie Debt, but we have never discussed Zombie Deeds!. If the lender doesn't complete the foreclosure process and sell the home, no one is occupying or caring for the property, so the vacant property often falls into disrepair, creating safety concerns and resulting in an appearance that may lower property values in the surrounding community. The good news is that, of course, a zombie title has nothing to do with zombies. Zombie properties may fall into terrible states of deterioration since no one is occupying or caring for the property. Zombies in Washington, Indiana, Nevada and Oregon also constitute 50 percent or more of the properties in foreclosure, according to the report. Zombie foreclosure is a situation that occurs when a home is left vacant by homeowners who incorrectly believe they have to immediately move out after receiving a foreclosure notice, thinking that the foreclosing lender is now responsible for the property. Of repossession due to the property markets South Bend, Indiana, the number 1,275! 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