You might think that zombies are merely a product of Hollywood and books. While this is true when it pertains to the undead coming for your brains, a different type of zombie can threaten Connecticut homeowners who are facing a foreclosure. The term for a home that is languishing in the foreclosure process is a zombie foreclosure.
The name sounds amusing, but zombie foreclosures are anything but funny. As CNBC describes, a foreclosed home typically becomes zombified when homeowners feel they have no other option than to walk away from their house and abandon their mortgages. Rather than complete the foreclosure and put the house back on the market, many banks would allow the home to sit without selling it to new owners, depreciating in value and lowering the values of other homes in the neighborhood. Fortunately for you and others, the practice of allowing abandoned homes to become zombies occurs less often than it did just after the housing market crash.
However, if you are considering walking away from your home or you have already done so and your lender never completed the foreclosure, you may feel the bite long after you thought your ordeal was over. You could find yourself being held responsible for homeowners’ association fees, outstanding liens and other costs associated with a title that never passed out of your name, even years after you walked away from the home. The city could even come after you for cleanup costs and fines for a property that became a neighborhood eyesore that attracted vermin, weeds, drug activity and other unpleasantness.
As you might expect, legal counsel would be necessary to complete a stalled foreclosure or to avoid foreclosure in the first place. Therefore, this information should not replace the advice of a lawyer.