It seems as though a zombie apocalypse may be upon us, at least if we’re referring to zombie homes. RealtyTrac has revealed that one in four foreclosures in the U.S. are “zombies.” A zombie home is one in which the owner no longer resides in, but the lender hasn’t completed the foreclosure and taken ownership. Florida is one of six states where zombies are a major cause for concern. Zombie homes pose a danger to the neighborhoods they are in, because they become magnets for criminal activity.
How are Zombie Homes Made?
Slow moving foreclosures breed zombie homes at alarming rates. With foreclosure cases, there are post-judgement steps that prevent the foreclosure case from truly being closed, and too often the lender fails to carry them out. The cases seem to screech to a halt when it comes time for auction in particular, since lenders know that is is unlikely that they will get the amount needed to meet the cost of the mortgage. Failure to carry out post-judgement steps essentially places the case in limbo, and ownership of the home’s title becomes uncertain. As a result, nobody maintains the home, which considerably brings down the value of the homes around it — or in zombie talk— spreads the infection.
Fixing the Problem
The solution to the problem is simple: attorneys must advance lawsuits diligently, in accordance with the American Bar Association’s Rules of Professional Conduct. However, since this isn’t always the case, some states have taken to combatting zombie homes by enacting legislation that shorten the foreclosure process and encourage improved judicial supervision of foreclosure cases. Courts have both the ability to force the lender to act, and to arrange the auction. The court should continue to oversee the case until either a sale is completed or the case is dismissed by the lender.
Until judicial supervision of foreclosure proceedings is made a priority, zombie homes will continue to hinder communities, and disrupt the lives of homeowners. Nobody wants to be stuck in an ongoing foreclosure case, and reputable Miami foreclosure attorney can prevent that from happening. If you’re home is being foreclosed on, the Miami foreclosure defense team at Graham Legal can ensure the best possible outcome. Call today (link to contact) for a free consultation.