RealtyTrac: 302,000 zombie foreclosures haunt the US
The 'zombie foreclosure phenomenon' continues to capture headlines.
This time it's the Chicago Tribune reporting that 300,000 zombie foreclosures are haunting U.S. neighborhoods based on RealtyTrac statistics.
A zombie foreclosure situation occurs when a borrower leaves a distressed property, believing the bank has foreclosed. Instead, the foreclosure is never finalized, and the borrower later discovers they're on the hook for property taxes and other expenses.