The Specter of Zombie Foreclosures

Among other practice areas, our firm has a focus on residential real estate. We offer clients skilled assistance when buying or selling real property and we work with investors and developers interested in obtaining distressed properties held by banks. With the high number of foreclosures in recent years, even banks sometimes walk away from a house heading for foreclosure.

As the U.S. housing market shattered during the recession, many homeowners were unable to pick up the pieces. A lost job led to lost savings and eventually, losing the house. At least two types of questionable banking practices emerged:

A report from Reuters notes 10 million American homes have fallen into foreclosure since 2006. Too late, homeowners who learn they remain liable for their property face spiraling difficulties including:

After the robo-signing scandal, some lending institutions are more willing to negotiate a short sale or a deed in lieu of foreclosure, or consider a loan modification to keep strapped homeowners in the property.

Zombie mortgages and the houses they affect are a blight on real estate values and trouble for banks, buyers and homeowners. When you have questions about short sale acquisitions in San Mateo, speak with an attorney at our firm.

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