Tag Archives: zombie properties

National – Vigilance is Key in Addressing Abandoned Lots and “Zombie” Mortgages

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Although statistical data shows the battle against zombie mortgages (A property becomes a zombie when a creditor initiates foreclosure and the homeowner vacates then home.  When the creditor fails to complete the foreclosure, title to the real property remains with the original homeowner, leaving the ownership “half dead” and “half living”) is being won nationwide, abandoned lots, vacant units and zombie properties continue to have negative impacts on communities throughout the United States (unkempt proprties, maintenance issues, rodents, unpaid assessments and lack of community spirit).

Through vigilance, community associations can effectively address conditions caused by these zombie properties.

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