What Are Zombie Foreclosures? All You Need to Know– Loan Lawyers

Abstract

If you are facing foreclosure, it is important that you speak to a Fort Lauderdale foreclosure lawyer before packing up and leaving your home. What are Zombie Foreclosures? When a homeowner abandons their property after receiving notice of a foreclosure, but the lender never completes the foreclosure process, that is considered a zombie foreclosure. Why Do Lenders Abandon Foreclosures? There are many reasons why lenders start the foreclosure process only to eventually abandon it. Your Lender Does Not Have to Notify You the Foreclosure Stopped You may think that because you have not heard from your lender that they are abandoning the foreclosure, they intend to move forward with the process. Although you will not be able to purchase a new home for many years after a foreclosure, this also holds true with zombie foreclosures. Zombie Foreclosures Hurt Neighborhoods When a neighborhood contains a zombie foreclosure property, it can bring down the value of the rest of the homes in the community. In Pre-Foreclosure? Our Foreclosure Defense Lawyers in Fort Lauderdale Can Help If you are facing foreclosure, it is important to know that you have many legal options.