Your foreclosure may have stalled and left you holding the keys and still owing the debt.  Your “Stalled Foreclosure” is a big liability for you.  The industry chooses to use the term “Zombie Foreclosure”. I prefer to use the term “Stalled Foreclosure”.  This term describes the situation better.  Once the other party (your lender)  is ready to move, your foreclosure will be back in full affect.  But, why should you have to wait? 

When I meet a prospective client, the initial conversation goes something like this: 

Me:  Hi Mr. and Mrs. Absentee Owner. How are you? 

Mr. and Mrs. Absentee Owner:  We’re good, thank you.  How can we help you? 

Me:  My name is Yolanda Judge.  I am a licensed real estate professional.   I came across your property at 123 Main St.  I must say… it’s looking really rough.  Do you know how you’re going to resolve this problem? 

Mr. and Mrs. Absentee Owner:  We don’t have a problem. Years ago, life changed for us and we had to leave that property.  We tried to work with the bank, but it went nowhere.  The bank owns it now. 

Me:  Mr and Mrs. Absentee Owner thank you for confiding in me.  But, with all due respect, I have researched your property.  Everything I can see still points to you being the owner of 123 Main St.   

Mr. and Mrs. Absentee Owner:  We haven’t heard from the bank.  We thought they went ahead and foreclosed on that property long ago.   

Me:  Mr and Mrs. Absentee Owner, I don’t think that is the case.  I help Absent Owners solve their abandoned house problems by preparing custom plans that will allow them the opportunity to transfer the property out of their names, settle their debt and move on with their lives.   Before meeting you today, I did some preliminary work that shows that you are still the owner.  Can we sit down and discuss how we’re going to resolve this problem? 

If this conversation sounds like your story, there’s a good chance your foreclosed has stalled.  You see, Mr. and Mrs. Absentee Owner had a situation and leaving that home was their solution.  However, only part of the problem was resolved. Waiting for their foreclosure to happen, Mr. and Mrs. Absentee Owner didn’t realize that just because the bank said that they were going to foreclose meant it happened.     Just like any other situation, the other party (meaning the bank) has its own agenda.  While you wait for your mortgage company to deal with their agenda, i.e. your foreclosure, you are left holding the keys and waiting for the time to correct the problem.  This only causes more problems.  

Metaphorically, holding the keys = You are still the owner.   If you are the recorded owner on the deed, you will continue to be responsible and liable for whatever goes on with that property.  Anyone looking for the owner of the property is going to find you through public records.  Your responsibilities include: paying the property taxes, property maintenance, correcting all violations, appearing to court for summons issued, and property insurance should be kept current.  According to your mortgage company, your municipality and the courts, why shouldn’t you be responsible for the property.  Your name is still on the deed as the owner.  

Each stalled foreclosure has its own reasons and circumstances for not moving forward. In most cases, this has something to do with your mortgage company.  The reasons are limitless and too many to mention.   Regardless of where you are in the foreclosure process, the liability to the Absentee Owner is HUGE. I couldn’t say that loud enough.    Trespassers cause fires, vacant homes become eyesores, the value on surrounding properties suffer, and overall blight becomes a problem for the neighborhood.   A custom plan to officially “give back the keys” and settle the debt is available to you.    You, Mr. and Mrs. Absentee Owner, may need to be the party in this ordeal to get the process moving again.  Call for your quick 15 minute “Strategy Session”.   Let’s see if we can help to Un-stall Your Foreclosure.