The numbers may be in slight decline in new foreclosure filings which is fantastic news! However, a strange new trend has been noticed recently. It has been the rise of the zombie foreclosure properties here in Florida.
What is a zombie foreclosure?
A zombie foreclosure is when the title owner, possibly someone you know, has defaulted on a loan to their home. While the Bank initiates the process of foreclosure, the title owner leaves the property and moves out while the property is going through foreclosure. During this time the property is said to be a “Zombie Foreclosure”. This is due to lack of maintenance and people living within the dwelling.
While, abandoning the property seems like a logical choice especially when you plan on allowing the Bank to take the property via foreclosure. The Bank may choose to abandon its ambitions to pursue foreclosure of the property. The Bank also is under no obligation to notify the title owner of the property that the foreclosure process has been stopped. Once this happens the title owner is still responsible for any maintenance done by a local municipality, and taxes still due on the property. This can devastate families that already are going through tough times. Many times the title owners wages can be garnished to pay the backed taxes and owed municipal bills for the property. It is best for the title owner to understand the foreclosure process through to ensure this situation will not arise.
Why abandon the title before you know the process has ended?
The typical foreclosure timeline is approximately 120-160 days for Florida. However, due to backlogs the process is now somewhere taking upward to 900 days here in Florida. Many homeowners do not know that the foreclosure process takes so long. All they see is the 20 days to respond on the paperwork from the process server, assumes the worst has already occurred, and abandons the property.
If you know someone in this situation or you are in this situation call us today. We want to help guide you with your Foreclosure situation in the South Florida area. Remember to live life and leave the legal stuff to us!
We Offer Foreclosure Defense In Boca Raton