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Silver Contributor
NKMom
Posts: 492
Registered: ‎10-30-2009

Zombie Titles ... maybe that's where some of the "Shadow Inventory"ended up ...

http://www.reuters.com/article/2013/01/10/us-usa-foreclosures-zombies-idUSBRE9090G920130110

 

When it rains, it sure does pour for some...feel really awful for the folks mentioned in the article...

 

scary...and sad...

Regular Contributor
Viss
Posts: 132
Registered: ‎05-24-2012
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Re: Zombie Titles ... maybe that's where some of the "Shadow Inventory"ended up ...

[ Edited ]

Wow.... That is terrible. I, too, feel really bad for those folks. :smileysad:

 

No regulations require that banks let homeowners know when they change their minds about a foreclosure. - This is a load of crap. Ohhh we'll send you a letter to tell you we're foreclosing, but at least the owner knows that's coming since they haven't paid in x amount of months. But no followup when they have stopped the foreclosure process?! And then that these people are then left responsible to clean up the mess. :smileysad::smileysad:

Silver Contributor
soopercommuter
Posts: 377
Registered: ‎08-17-2008
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Re: Zombie Titles ... maybe that's where some of the "Shadow Inventory"ended up ...

 

This type of stuff happens primarily in VERY run down areas where the value of the property is practically zero.  Think Detriot! It costs the bank more to foreclose than they could ever hope to recoup by selling it.  I doubt this ever happened in Cali unless it was some shack out in the middle of Mojave.

Regular Contributor
Viss
Posts: 132
Registered: ‎05-24-2012
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Re: Zombie Titles ... maybe that's where some of the "Shadow Inventory"ended up ...

Regardless of the area, the fact that regulation allows this behavior to continue is sad.

 

One example in the article is from Ca (Victorville) - so not exactly a hot, poppin' area but still.

Silver Contributor
NKMom
Posts: 492
Registered: ‎10-30-2009
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Re: Zombie Titles ... maybe that's where some of the "Shadow Inventory"ended up ...

True Sooper...I believe that there is a strong correlation (not scientific...so no data to back this up, just intuition and logic) between the turn around time a foreclosure comes back onto the market and the area it is in (ie, the amount of $$$ it can fetch).  The more in demand the area is, the faster the turn around time.  And it makes sense that these homes must be worth less than the amount to foreclose, otherwise they would not end up in such limbo...

 

But then, even if it is a shack in the middle of Timbuktu, it was still someone's shack...sad to be that someone though... :smileysad: