Zombie Titles and Haunted Houses

Just when you thought we were completely done with Halloween, here comes the zombie title.

What is a zombie title? “This is when a house has been vacated because the owners defaulted on their loan, causing it to go into foreclosure. However, for one reason or another, the bank never completed the foreclosure process nor sold the home. When the city starts fining someone for overgrown grass and a dilapidated structure, the homeowner who thought they were finished with the property, gets the bill.” [Source]

Many people think that once they’ve moved out of the home, the foreclosure process gets completed on its own and they can move on with their life. They think they don’t own the property anymore so they try to rebuild their credit score and move on to find another place to live in. Zombie titles can be a rude awakening if you’re not careful.