The horrific term of “Zombie Foreclosures” proves that the housing market has still not fully recovered from the economic collapse of just a few years ago. Lenders and Real Estate professionals have used this new term to describe homes that have been left vacant by the owners who thought they were going to lose their house to foreclosure. Sources are now estimating that there are 302,000 “Zombie Foreclosures” in the country, which is adding to an already stressful situation for some consumers.
The foreclosure process is not typically very smooth, clear cut, or fast moving. Many homeowners received notices stating that they would lose their home to foreclosure on a certain date, prompting them to pack up and move out, only to learn later that the bank did not proceed with the sale. In most cases, the homeowner becomes aware of the “Zombie Foreclosure” when they are tracked down to pay the past due property tax bills.
In many cases, the bank will push the date of foreclosure back several times if they do not have an opening bid on the property, without notifying the homeowner. For those who packed up their belongings and moved on to their next residence, the past due amounts on property tax and other bills causes an additional unexpected burden. What this should tell people who have received a Notice of Trustee Sale is…
It Is Not Too Late to Save Your Home
Many distressed homeowners have been led to believe that they have no recourse for saving their home if they are already in the foreclosure process. New laws and legal measures have been put in place to stop foreclosure proceedings when the homeowner has not been given a fair chance to catch up on their loans or when the bank has engaged in illegal lending practices.
Senate Bill 900, also known as the California Homeowners Bill or Rights protects consumers from deceptive practices that mortgage lenders have used for years, went into effect on January 1, 2013. The Foreclosure Attorneys of Consumer Action Law Group are now using these new measures to prevent clients from losing their home. If you are in the foreclosure process, and are seeking representation, we can provide you with free legal advice to get you moving in the right direction.
Get Free Legal Advice from a Foreclosure Attorney
If you are behind on payments or have already received a notice of trustee sale, you need to call us. Our foreclosure attorney has stopped countless foreclosures and saved our clients millions of dollars over the years. Call today for your free legal consultation at 818-254-8413.