However, some experts believe we could be headed for another devastating crash in the property markets. Read on to find out. Typically, they are under the assumption the lender has already taken over responsibility for the property, but the truth is that it’s still possible for the foreclosure process to be halted or canceled altogether. posts Zombie foreclosures undermine local communities by lowering neighborhood property values and posing a hazard to those living close by – leading to resentment from neighborhood residents. To confirm, contact the company on your past mortgage statements, perform an online title search to verify the current owner, or contact your local tax appraiser or county clerk. When the title of a home in zombie foreclosure remains in the name of the original homeowner, who is often not aware that the foreclosure wasn't completed, it is known as a zombie title. According to ATTOM’s Q3 2020 vacant property and zombie foreclosure report, states where zombie-foreclosure rates exceed the national percentage are clustered in the Midwest and South. The foreclosure process isn't something any homeowner wants to go through. 22 million Americans had lost their jobs. However, leaving zombie foreclosures to fall into disarray can also damage the reputation of banks. Sign up for updates on the latest news and upcoming events! Impending Trouble for Financial Institutions: The Rise of Zombie Foreclosures. Monitoring the increase in zombie foreclosures will go a long way in helping banks to avoid expensive losses and avoid reputational damage. These requirements do not end just because they have abandoned the home. Zillow—Here, you'll find a foreclosure center with access to advanced search capabilities using a number of criteria, including by cost (or cost estimates), neighborhood, and more. As the months drag on, commentators are forecasting an impending economic downturn as hard hitting and disruptive as The Great Depression. The number of available zombie properties has increased in recent months, but they still represent a small percentage of foreclosure homes. Investopedia uses cookies to provide you with a great user experience. And yet 250,000 new families enter into foreclosure every three months. Whew! One can find foreclosed properties in multiple-listing service (MLS) periodicals and websites, via online real estate searches, bank offices and websites, and through local newspapers. The states where RealtyTrac found the most zombie foreclosures -- Florida, New Jersey and New York -- are also among the states with the most drawn-out judicial foreclosure … Until a foreclosure goes through, the homeowner continues to hold the title to the property. When properties are vacant and show obvious signs of neglect, it can drag down the entire neighborhood's value. Zombie foreclosure results from misunderstanding of the foreclosure process by homeowners. This also means that an impending zombie apocalypse is likely just on the horizon – highlighting the need for financial institutions to foreclose on vacant properties. "In judicial foreclosure states like Florida and Illinois, the top two states on the zombie list, it takes an average of 62 months -- more than five years -- for a foreclosure to clear," he said. Contact our experts with questions about any of the data and analytics referenced in our articles. Zombie Foreclosure: A situation that occurs when a home is left vacant by homeowner(s) who incorrectly believe they have to immediately move out after receiving a foreclosure … As a result, the vacated property remains in the homeowner’s name. 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