What are Vampire & Zombie Foreclosure?

America Is Besieged By Vampire and Zombie Foreclosures

Vampire" foreclosures, in which the bank has seized a property but the previous owners continue to live there, and "zombie" foreclosures, in which the owners have abandoned the property but still own the title, according to RealtyTrac.

Zombie foreclosures A right to ownership and possession of a home that remains with a person who believes he or she has lost the property as a result of foreclosure. A zombie title is a title to real property that happens when a lender initiates foreclosure proceedings by issuing a notice of foreclosure and then unexpectedly dismisses the foreclosure.

If the person is unaware of the foreclosure dismissal, he or she will be left holding a zombie title. A lender may decide to dismiss the foreclosure for a variety of reasons, including a surplus of inventory, if the costs associated with a foreclosure cannot justify its costs or if the lender does not want to take possession of the home.

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