So I have come across the term 'zombie mortgage' and am interested to see if anyone markets to these and if so how? Does one call a bank and ask for a list of zombie properties they have or maybe a title company, like you would a list of absentee owners?
Has anyone had and dealings with these as trying to get it wholesaled? What about as an re agent trying to get it listed, anything helps!
Any help would be great, thanks!!
I have been looking at them for about 6 month now and working on a method to purchase them. Every property is a little different. I am in MA and there are properties that have had a complaint filed for foreclosure but never foreclosed on. The property is still in the owners name but the bank/servicing company is paying the taxes and upkeep. I think your best bet is to try to purchase the rights from the bank. That being said it is not an easy task and you need to do a title search to see if there are any other problems. Will let you know how I make out and good luck.
When speaking to banks or sophisticated investors I suggest you use the term non-performing loans, not slang, don't even buy into investor slang as terms have real meanings and they can be difficult enough to master. If I got a call referring to a loan like that it would tell me I have some uniformed party on the line and my goal would be to get off as they will probably waste my time.
I see many newbies here in all types of situations having difficulty communicating with banks, Realtors, title companies, note brokers and others simply because they are not using the correct term and using some guru slang. The learning curve will be long for many. :)
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