Today's word: ZOMBIE TITLES
Theme for this fortnight: REAL ESTATE
Theme for this fortnight: REAL ESTATE
A right to
ownership and possession of a home that remains with a person who believes he
or she has lost the property as a result of foreclosure. A zombie title is a
title to real property that happens when a lender initiates foreclosure
proceedings by issuing a notice of foreclosure and then unexpectedly dismisses
the foreclosure.
If the person is unaware of the foreclosure dismissal, he or she will be left holding a zombie title. A lender may decide to dismiss the foreclosure for a variety of reasons, including a surplus of inventory, if the costs associated with a foreclosure cannot justify its costs or if the lender does not want to take possession of the home.
If the person is unaware of the foreclosure dismissal, he or she will be left holding a zombie title. A lender may decide to dismiss the foreclosure for a variety of reasons, including a surplus of inventory, if the costs associated with a foreclosure cannot justify its costs or if the lender does not want to take possession of the home.
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