In a zombie foreclosure, the owner has gotten a foreclosure notice and subsequently packed up and moved, apparently thinking it’s over — the banks will finish the job. But many banks, for various reasons, haven’t followed through with the rest of the process, and the homes languish in the absent homeowners’ names.
And the homeowners, sometimes years later, find out they’re still on the hook for property taxes.
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There are about 302,000 “zombies,” according to RealtyTrac, a housing data company that studies foreclosure activity.
In an edited interview, RealtyTrac Vice President Daren Blomquist discussed how zombie foreclosures affect their communities (and, belatedly, their former owners), and where we seem to stand, as a nation, in our efforts to put the foreclosure horror show behind us.
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