Call the REO department to see if the property is in inventory and why it is not listed with an agent. I'll look into the sites you provided. Zombie titles can truly be a nightmare for distressed homeowners. She also filed for Chapter 13, and listed on her schedules that there were no past due payments on the mortgage, and no monthly payments. You can search on the owner's name, find the criminal case against him, and read all the court documents. In many cases, the homeowner couldn’t financially keep up with upkeep, or they’ve purposely destroyed the home before they left. Even a pro at buying property may flinch when they initially hear this term. Prior to purchasing a zombie property/foreclosure, you will need to perform a title search to understand what liens are attached to the property and owner. If you still own this vacant property and someone is injured, guess who will get sued? You might find the effort and expense involved in bringing it up to be habitable might be more than it’s worth. They bill once a quarter. Find local real estate meetups and events in your area. What? According to ATTOM Data Solutions, a firm that tracks different types of real estate data, zombie properties made up about 3% of all foreclosures in the U.S. in October 2019. If the bank has decided it does not want to fool with a foreclosure because the property is not worth enough, they will either sue the borrower, or sell the loan to a collection agency that will sue the borrower. A zombie property is a term the housing industry uses to describe abandoned homes and lots that are neither for rent nor sale. Somewhere in that pile of zombies is the future love of your life! It is free to search, and 10 cents a page to view actual documents. The bank will not forget about you forever. Even a pro at buying property may flinch when they initially hear this term. According to ATTOM Data Solutions, a firm that tracks different types of real estate data, zombie properties made up about 3% of all foreclosures in the U.S. in October 2019. In most states, once the bank forecloses, it is liable for just a limited amount of prior dues. However, be cautious of certain risks involved with the process as well. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Technically, you probably need bankruptcy trustee approval or at least be able to show that you notified the bankruptcy trustee of your intention. The question: do we have any legal obligation to tell them that their mortgage has possibly been released? The term became popular in the housing industry during the 2007-08 housing crisis when people being unable to make their mortgage payments reached a catastrophic point. If there was a seizure, it will be in that court file or one related to it. Buying a home, especially for the first time, might feel a little scary—notably if you've learned the home you’re considering for purchase is a zombie property. You've spent all this time rehabilitating your credit score. Purchasing a zombie property can be a very lucrative investment, but it’s essential to carefully evaluate the condition of the property before deciding to buy it. Buying a home, especially for the first time, might feel a little scary—notably if you've learned the home you’re considering for purchase is a zombie property. Information Deemed Reliable But Not Guaranteed. That was coded in the bank's computer as "no action necessary." The name of the previous occupant who owned the home will need to be removed from the title so this will be a legal detail to address before a purchase can move forward. No worries, a zombie property … Agencies maintain websites for sale of their seized properties. 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