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3/22/2013

Zombie Mortgage Real

Zombie Foreclosures


This week I have seen two Borrowers who believed they were foreclosed upon in 2009, and the discover the Mortgage is still outstanding, property taxes are growing as collections and the Home Owner Association fees are ready to file a judgement. In both cases Borrowers moved out of their
primary residence prior to the actual foreclosure auction date. One sent keys back to J. P. Morgan Chase Bank and the other notified Wells Fargo Home Mortgage that they had moved out, and keys
were at the neighbors.
One property was located in Taft, California and the other in New Jersey.
The sad part of the story is they believed they did the right thing, but the problem will haunt them for years to come.

Here is an article in Reuters about this

http://www.reuters.com/article/2013/01/10/us-usa-foreclosures-zombies-idUSBRE9090G920130110


 I had some suggestions for immediate action for these people.





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