Zombie Homes Sitting Vacant
Yesterday, ATTOM Data Solutions released its Vacant Property and Zombie Foreclosure Report for the third quarter of 2020, finding that just over 1.5 million U.S. residential properties, or 1.6 percent of all homes in the country, are currently zombie homes sitting vacant.
Zombie foreclosures occur when a home is left vacant by homeowners who incorrectly believe they have to immediately move out after receiving a foreclosure notice, thinking that the foreclosing lender is now responsible for the property.
Zombie Homes Sitting Vacant
As we warned back in 2016 in Zombie Foreclosures, that’s when the owner of a foreclosed home can find out years later that he or she still legally owns the home. The banks never officially foreclosed on these properties. The owner finds that he/she is on the hook for property taxes and other fees, such as fines for not complying with housing codes and ordinances (and even face jail time in some instances if you don’t meet repair deadlines). The local government may send you a bill for yard maintenance, repairs, trash removal, and/or graffiti scrubbing.
ATTOM found that zombie foreclosure rates rose from Q2 to Q3 in every state but Hawaii. (The district of Columbia also experienced a decline.) The states with the largest increases in zombie foreclosure rates were Kansas, Missouri, Georgia, Kentucky, and Nebraska. Each state saw its proportion of zombie foreclosures rise to at least 10 percent.
The most affected metropolitan areas in Q3 were Peoria, Kansas City (MO), Omaha, and Cleveland.
Home Foreclosure Help
COVID 19 brought considerable changes in homeowners’ financial situation. Cut-backs in hours, temporary layoffs, and outright loss of jobs have led to late or missing mortgage payments.
You know you are in financial trouble when you are
- having difficulty paying the mortgage payment on time
- having very little savings for emergencies
- using credit cards to get to the next payday
- paying the minimum on your credit cards
- neglecting doctor and dental visits
- shrinking from the ring of the phone
If you are facing financial hardships, call us for home foreclosure help. Our experience working with homeowners in similar circumstances can divert you from the path to foreclosure you are on.
Can I Sell My House Before Foreclosure?
If you can’t avoid foreclosure, consider selling your house before foreclosure and before your house is sold at auction. You may want to sell your house in pre-foreclosure as a way out of your financial dilemma. A dinged credit report is much better than one saying foreclosure.
Why not sell your house to Styl Properties, Inc.? It is quick! You can sell your house fast, generally in 30 days or less. That is much quicker than a traditional sale, which can take several months.
FREE information on How to sell your house fast
Styl Properties, Inc. is here to help homeowners out of any distressed situation.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and to answer all of your questions. You can reach us at 402 999.0577.