Here’s a weird scene from the aftermath of the US housing bubble…
You’ve all heard of underwater mortgages, but have you ever heard of a zombie foreclosure?
There are more than 300,000 properties in the US where the owner has abandoned the property but the bank never completed a foreclosure.
What does this mean?
Reuters revealed the plight of people who walked away from their homes not realizing that their names remained on the deed and that they were financially liable for taxes and other bills related to the abandoned property.
In some cases, homeowners vacated after receiving a notice from the bank of a planned foreclosure sale, only to find out later the bank never followed through.
Zombie properties can be easy to spot as they deteriorate into neighborhood eyesores and havens for criminal activity.
Read the full article here.