Rise of the foreclosure zombies….

Posted on July 15, 2014


Apparently, the  Consumer Financial Protection Board (CFPB) is having a difficult time locating homeowners who have deserted foreclosed on properties—known in parlance as “Zombie foreclosures.”

Despite a mortgagor being in trouble and possibly losing their property, if they aren’t keeping up with the repairs, landscaping, etc, they can be charged with “abandonment”—even if the house is about to be seized by the bank.

Possibly, the CFPB will re-define abandonment in the hopes that this will speed up a foreclosure, although it is not clear whether a quicker foreclosure will mean a more devastating credit rating or possible fines for the “zombie” homeowners who have fled.

One reason it takes such a long time for the lender to foreclose is the number of loans that they’d have to be responsible for, if they foreclosed on all the notes at once.

Also, if the buyers have deserted the homes, and they are vandalized or damaged by looters, it is quite difficult to re-sell such a property

The lender can continue to get various fees from the borrower, late charges and such if they are slow in foreclosing the property, but this often results in the borrower just stopping payment altogether and living in the property as a de facto squatter.

$uccess Without College Roadmap

What is your roadmap for success, or $uccess, without college degree?

In this $uccess Without College Roadmap Book series by Christine Axsmith, I investigate how to be a success without going to college.  There are many media reports about $uccess without college statistics, and many of them will tell you that the income a person earns is dramatically increased with a college degree.  That was the old days.  Now, when calculating whether college is a good “investment,” you need to include the cost of student loans.  $uccess Without College Roadmap gives real success stories without college degrees, and improves your chances of success without college by providing a roadmap for you to follow the people who have already done it.  The goal of $uccess Without College Roadmap books is to increase your percentage of success without college.