7 On Your Side
How zombie foreclosures may come back to haunt you
SAN FRANCISCO (KGO) -- Foreclosures are slowing down as the real estate market is heating up, but there are still issues out there. 7 On Your Side has a warning about "zombie foreclosures."
Zombie foreclosures are the result of a mortgage long thought to be dead that rises from the grave.
What happens is the homeowner is sent threatening letters and told to leave their home. A foreclosure date is set and they move out, but the bank does not follow through with the paperwork.
Anthony Lolli is the founder and CEO of Rapid Realty Franchise.
"So five, six, seven months later they will get a bill for the taxes, the water and even a squatters evection bill and this is a homeowner who had put this behind them and now it is haunting them. Coming back from the dead like a zombie," said Lolli.
The homeowners end up still owning the home. If you have been foreclosed upon, it never hurts to check back and make sure the deal was finalized.
foreclosures, 7 on your side, michael finney
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