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A Zombie Foreclosure is simply a house currently in the foreclosure process that sits vacant having been abandoned by the owner and not yet taken back by the lender!
Most of us have driven by homes we suspect are long-abandoned, are being foreclosed, that typically will be neglected, have very possibly been vandalized and that have become an eyesore and worse for the other homeowners in the neighborhood.
And compounding this abandonment problem is the fact that in judicial states such as New York the foreclosure process is currently taking over 1,100 days to complete!
Other than the potential crime that could be drawn to them, the scourge of these Zombie Foreclosures is the impact that they will undoubtedly have on the prices of the nearby homes either due to their appearance or when they are finally ‘dumped’ onto the market by the lender.
This would be the ‘worse’ that was mentioned above because, through no fault of their own, the value of the neighbors greatest asset is being impaired!
Are there potential solutions to this problem? The following Infographic provides two along with the Top 10 markets with the greatest number of Zombie Foreclosures pending.
Courtesy of RealtyTrac