Monday, February 25, 2013

Filing Chapter 7 bankruptcy in Arizona? Beware: Zombie Foreclosures Haunting Homeowners

It’s a problem now affecting thousands of people who’ve lost their homes. WWJ’s Sandra McNeill reports on the phenomenon known as the ‘zombie foreclosure.’ Mark Gilman from Decus Consulting says a zombie foreclosure is when a homeowner walks away from their home but the tax debt isn’t dead. “The banks are not starting the process immediately and what happens is a year later they get a tax bill and they can’t understand why? The reason is because the house was never actually put into the foreclosure process,” notes Gilman. Gilman says because the markets are so bad the banks are holding on to a lot of these foreclosed homes.

Read the rest of the article at CBS Detroit

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