What Is a Zombie Foreclosure?

A zombie foreclosure is not a plotline of The Walking Dead. Rather, it’s a term in real estate referring to when homeowners vacate a property too soon after receiving a foreclosure notice. The homeowner assumes the property has already been seized by the bank or lender and they are no longer financially responsible for the property. But this is not the case.

The foreclosure process is not a quick one, and until it’s complete, the homeowner is still financially responsible for all costs, including property taxes and homeowners association (HOA) fees. As a result, the title — known as a zombie title — is still in the homeowner’s name. And the property can come back, as it were, to haunt the original homeowner.

How zombie foreclosures happen

When a bank or lender initiates a foreclosure notice, it’s just that — a notice. It means the foreclosure process has begun

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Local Real Estate Investors Provide Alternative to Foreclosure

PITTSBURGH, Oct. 24, 2020 /PRNewswire-PRWeb/ — Working with homeowners in western Pennsylvania and eastern Ohio, PGH Cash Buyers helps people who are looking to sell a home quickly or sell without a realtor. The company’s services are intended for sellers who are facing foreclosure and or a job loss/relocation due to the COVID-19 pandemic. Paying cash for homes with a quick closing, PGH Cash Buyers enables sellers to not only get the funds they need, but sooner than they may through a traditional means of selling.

“We are always working toward a win-win situation,” said Kyleigh Haynes, CEO of PGH Cash Buyers. “If we can help you get cash for your home, for whatever reason, in a quick and easy process that positively affects your life, that’s our goal.”

In addition, the company closes on the date of the homeowner’s choice and covers all closing costs. Homes

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Interested in a foreclosure sale property? It can generate a bidding war and is likely for sale ‘as is’: Ask Joe

I recently came across an ad for a property for sale due to foreclosure. How does a foreclosure sale differ from a traditional purchase?

Property sales due to lender foreclosure are often also referred to as a distress bank sale, or sometimes confused with a power of sale.

A foreclosure sale is a method available to lenders, banks and non-traditional lenders to cover the unpaid mortgage. In foreclosure proceedings, the property is not being sold by the owner — rather, it is the mortgage lender that has taken action to sell the property.

In the case of a property being sold due to foreclosure, the lender may become the owner of the property and in that case may retain any profit realized from its sale. Lenders have an interest in recovering the amounts owed to them under the terms of a mortgage.

A significant difference between a foreclosure sale and

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Are We Headed for Another Foreclosure Crisis? 9 Housing Experts Share Their Predictions

Although the housing market is booming, high unemployment means millions of Americans are struggling to make mortgage payments. More than 2.3 million homeowners remain 90 or more days past due on their mortgages, but not in foreclosure, according to Black Knight, a mortgage analytics company.



Predictions-foreclosures


© Rangely Garcia / Money
Predictions-foreclosures

Foreclosure and eviction protections under the CARES Act have provided some relief for homeowners with distressed finances. But once forbearance protections run out, the biggest fear is there will be a repeat of the 2008 financial crisis.

Here are nine predictions from housing industry experts on the likelihood of a foreclosure crisis. (The text has been lightly edited.)

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Christie Peale

Who she is: CEO of the Center for NYC Neighborhoods

What she expects: We expect a significant increase in foreclosures unless federal and state governments implement serious measures to assist homeowners.

Her reasoning: In March 2021, government-mandated

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Facing foreclosure, Pinecrest shopping center relinquished to New York lending company following coronavirus-related financial woes

CLEVELAND, Ohio – A New York-based lender who gave a $171 million loan to the developers of Pinecrest in Orange Village now owns Northeast Ohio’s newest shopping and dining center, thanks to financial issues related to the coronavirus pandemic.

Cuyahoga County Fiscal Office records show that an affiliate of Square Mile Capital Management owns the 750,000-square-foot complex as of Wednesday. The firm in January 2019 issued a loan so that Fairmount Properties and DiGeronimo Companies, which developed Pinecrest, could refinance their construction obligations.

Crain’s Cleveland, which broke the story, reported that the transfer happened through a “deed in lieu of foreclosure,” which signals that the developers gave up the property instead of facing a foreclosure lawsuit. Cleveland.com and The Plain Dealer could not immediately obtain a copy of the land transfer documents, though court records show the previous owners did not face any foreclosure lawsuits in the county.

Fairmount Principal

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HUD Grants Fund Housing Counseling and Foreclosure Avoidance Services

The U.S. Department of Housing and Urban Development (HUD) announced that more than $12.5 million in grant funds will directly support quality housing counseling services.

The grants, which were awarded earlier this week, will go to 219 local housing counseling agencies and national and regional organizations as well as state housing finance agencies (SHFAs) who have been approved by HUD. These entities all competed for HUD’s FY 2020 Supplemental Comprehensive Housing Counseling Grant Notice of Funds Availability (NOFA) or HUD’s FY 2019/2020 Comprehensive Housing Counseling NOFA. 

The counseling agencies aim to help Americans trying to get back on track from the economic challenges caused by COVID-19.

“Our hope is that those affected by the pandemic who need housing help will reach out to qualified housing counseling professionals to help them understand what their options are,” Assistant Secretary for Housing and Federal Housing Commissioner Dana Wade said in the announcement.

The

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Indictment filed against Columbus man featured in Dispatch series on foreclosure scams

A Columbus man whose company was identified in a Dispatch investigation as obtaining and cashing a $38,000 check that belonged to a foreclosed homeowner was indicted Tuesday for that case and other alleged schemes that cost victims more than $400,000.



a close up of a wooden table: A judge's gavel rests on a book of law.


© File photo
A judge’s gavel rests on a book of law.

Carl Levell Renier, 48, faces a 36-count indictment that includes a charge of engaging in a pattern of corrupt activity and multiple felony counts of identity fraud, forgery, money laundering, tampering with records, theft and crimes against the elderly, the Franklin County prosecutor’s office announced.

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Foreclosed & Fleeced, an award-winning Dispatch investigative series, reported in August 2019 about how some foreclosed homeowners are cheated out of surplus funds that remain after the sheriff sales of their properties. The series prompted an investigation of Renier by the Franklin County sheriff’s office.

The sheriff’s investigation determined that, in

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Chicago Foreclosure Activity Depressed Despite High Delinquencies

Chicago foreclosure activity remains depressed
due to the pandemic moratorium

Last week ATTOM Data Solutions released their Q3 2020 Foreclosure Market Report in addition to updating their RealtyTrac data. As has been the case for several months now foreclosure activity is pretty much at a standstill as a result of the pandemic induced foreclosure moratorium. This is true both for the city of Chicago and the nation as a whole.

Chicago Foreclosure Activity

Chicago foreclosure activity has declined dramatically since the housing crisis. However, the recent plunge is the result of the moratorium placed on foreclosures in light of the Covid-19 crisis.

The foreclosure market report also provided an update on how fast foreclosures are proceeding. As you can see in the graph below it did tick up a bit in the 3rd quarter and remains at an absurdly high level of 830 days.

Average days to complete a foreclosure

In the absence of natural foreclosure activity the real

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Coalition urges Wayne Co. to continue tax foreclosure ban

A coalition of community activists is calling on the Wayne County treasurer to pursue a continued ban of “inhumane” countywide property tax foreclosures in 2021 and beyond amid financial hardships spurred by COVID-19.

The Coalition for Property Tax Justice joined Wednesday with the American Civil Liberties Union of Michigan for a press conference urging Treasurer Eric Sabree to ask for a court-issued halt in foreclosures of owner-occupied homes in Detroit for the years to come until over assessments that caused financial hardships in the city are fixed.

“We’re asking him to go to the courts and to let the courts decide,” said Bernadette Atuahene, a law professor and coalition organizer. “The proper place for this decision is in the courts and not the Wayne County Treasurer’s Office.”

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Bernadette Atuahene (Photo: David Guralnick, The Detroit News)

Atuahene argued the treasurer’s office has profited under the Michigan Tax Act from

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Wayne County treasurer should extend foreclosure ban, advocates say

Christine MacDonald, Detroit Free Press
Published 7:33 p.m. ET Oct. 21, 2020 | Updated 7:46 p.m. ET Oct. 21, 2020

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Wayne County Treasurer Eric Sabree should extend the current moratorium on county property foreclosures through 2021, civil rights advocates said Wednesday.

The Coalition for Property Tax Justice said the pause in foreclosures should continue through the end of next year because of the economic stress on homeowners caused by the novel coronavirus pandemic and overassessed properties in the county’s largest city, Detroit. 

Eric Sabree, Wayne County Treasurer. (Photo: Wayne County Treasurer’s office, Wayne County Treasurer’s office,)

The Coalition for Property Tax Justice held a virtual news  conference Wednesday, urging Sabree to go back to the Wayne County Circuit Court to get additional permission to halt all foreclosures through next year. He had received the court’s permission in mid-March to stop the process through 2020.

Sabree wanted the court order

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