The term Zombie Foreclosure refers to homes where the owners have left because they thought the property was going to sell at auction – but unbeknownst to them, did not. In most cases, the homeowner has received a notice of trustee sale with a specific date when their home is set to be sold by the bank unless they can come up with enough money to cover missed payments and any fees or penalties that were added to the loan. That date comes and goes without the home being sold because there were no buyers interested at the asking price, but the family has already moved out of the property, resulting in a Zombie Foreclosure.
Some experts suggest that there are over 300,000 zombie foreclosure properties in the United States, and that number appears to be growing. People who are sick and tired of fighting with their mortgage company in an effort to avoid foreclosure often find a new residence and just assume that they will lose their home on the set date. Anyone who has been through this stressful process can understand why someone would abandon the property prior to final confirmation that it was lost to foreclosure.
Foreclosure is a scary thing in itself for homeowners, but the zombie foreclosure situation is scary for the banks. Not only does this mean that they were unable to sell the home to recoup their investment, but they also now run the risk of squatters or drifters breaking into the home and causing damage – decreasing the value even further. Homeowners facing the possibility of losing their homes know that they should never stop fighting to stop foreclosure.
Is It Too Late to Save Your Home?
Perhaps, but not likely. Our foreclosure attorneys are the best in Los Angeles and have helped people save their home with just days until it is set to be sold. The legal team at Consumer Action Law Group stays up to date with foreclosure laws and offers a wide range of options to help homeowners. You can help avoid increasing the number of Zombie Foreclosures by contacting our firm which can help you navigate through the process.
While our services are not free, our consultations are, so you can get free legal advice on your foreclosure situation. Our goal is to help determine what options you have available to save the home, how much those options would cost, and provide you with reasonable expectations. In the end, most of our clients are able to save their homes, and we’ve never had a case end in a Zombie Foreclosure.
Attorneys are Better than Zombies
Our foreclosure lawyers will work closely with you to save your home. We understand the laws, and the circumstances that lead to financial hardship and will ease your mind. Call us today so we can learn about your situation and give you the help you deserve.
