Stop your Minnesota home from becoming a “zombie” foreclosure
On March 28, RealtyTrac, an online database specializing in foreclosure listings, released a new report that provided insight into the nation’s continued housing troubles.
On March 28, RealtyTrac, an online database specializing in foreclosure listings, released a new report that provided insight into the nation's continued housing troubles. According to the survey, there are now more than 300,000 “zombie” properties in neighborhoods and communities across the United States.
The term “zombie” foreclosure refers to homes that have become vacant under bank ownership, and as a result, have fallen victim to vandalism and disrepair, thus limiting their appeal to new buyers.
“Zombie properties can be easy to spot as they deteriorate into neighborhood eyesores and havens for criminal activity,” Reuters noted in its report.
While it may sound uncommon, RealtyTrac says its data shows that more than 50 percent of the foreclosure inventory in Kentucky, Washington, Indiana, Nevada and Oregon is made up of zombie foreclosures. Florida has the largest number of zombie properties with more than 90,000, accounting for almost one out of every three of these homes nationwide.
Still, while these states are disproportionately affected, the recent uptick in the number of total foreclosed houses across the United States suggests more homeowners could see their residences become zombies due to financial difficulties.
Even worse for these beleaguered homeowners is that many walk away without realizing their names are still attached to the deed, the source says. As a result of not handling their foreclosure correctly, these Americans could be liable for taxes and other bills related to the abandoned properties.
Residents of Minneapolis, Wright and Anoka County don't have to let this fate befall their property or their finances. If you've been unable to keep current with your mortgage, meet with a Twin Cities bankruptcy law firm that can help you review your legal options – whether it's a loan modification or Chapter 13 bankruptcy filing, so you can keep possession of your most cherished and valuable asset.