Zombie foreclosures happen when homeowners vacate their properties after receiving mortgage default notices, leaving homes abandoned before a formal eviction. This phenomenon not only burdens owners with unpaid taxes and fees but also devastates credit scores more than traditional foreclosures. With 1.4 million vacant homes in the U.S., the issue poses risks to communities as these abandoned properties become unsightly, attract squatters, and depress neighborhood values, creating widespread financial and social ramifications.
Homeowners who abandon their property before officially getting notice to vacate are still responsible for it. Unpaid property taxes, HOA fees, and utility bills remain due.
Zombie foreclosures damage your credit more than just going into foreclosure, complicating future loans and making it tougher for homeowners to start anew.
The situation creates a ripple effect; abandoned homes become eyesores and may attract squatters, impacting neighborhood property values and community well-being.
ATTOM Data Solutions reports at least 1.4 million vacant residential properties, raising alarms about the broader effects of zombie foreclosures on local markets.
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