Being Stalked by a Zombie?

I know you're thinking, "What is this? Some kind of ad for a new TV show or movie? The latest example of the 'Zombie Fad'? I only wish it were that simple. However, there is an increasingly disturbing form of foreclosure that has been climbing the charts in terms of frequency of occurrence and aggravation for homeowners. This is the Zombie Foreclosure. While the zombies of myth and legend will eat you and any of your fellow humans live, these are far more destructive to your peace of mind and financial health. Their diet is focused on your home and financial well being. The way these come about is a bank commences foreclosure proceedings, but for any number of reasons, never completes the process. This leaves you, the homeowner, thinking you've lost your home already. It's very likely you've already moved to a new residence, thinking that the foreclosure has been completed and you not only don't own the home any longer, but are also off the hook for any ongoing homeowner obligations. These can be property taxes, HOA dues and fees, and any number of other such expenses that an owner would be responsible for. However, because the lending bank never completed the foreclosure, the name on the title remains: YOURS! Because of that fact, you are still liable for all of the aforementioned fees, charges, taxes and other related expenses a homeowner would bear responsibility for. Often, the first indication you may receive that all isn't as you believed it was is when you receive a new default notice, or a collection agency starts calling you and making a nuisance of itself trying to collect sums they believe you owe--and, legally, you very well may! So, what do you do? Well, the first thing to do would be to check the tax records in your county to see whose name is on title. If it shows the foreclosing institution or some other entity, you should acquaint whomever is pestering you of the realities of who is the current legal owner, sending them a copy of the record and requesting confirmation that they've received it. If, however, your name is still on title, your task may be a bit more arduous. If you find your name on title, call your lender who you thought was foreclosing and determine what they plan to do with your home. If they have not, in fact, foreclosed and have no immediate plans of doing so, you may be in time to do a loan modification, a short sale or a deed in lieu. Which would be best for you will vary from acse to case, and you should talk with an attorney and your accountant or financial advisor to decide. Also, check to see what fees, property taxes or assessments may have accumulated, as well as what the physical condition of the property is. If you're on title, the expenses would continue in your name unabated. As for physical condition, often homes that remain empty for long periods of time become havens for squatters, drug users and other undesirable occupants. As they don't own the property, they often take less than the best of care of it and the damage may be more than you would like to take on should you successfully reclaim your home. Having said all of this, if you do want to get back into the home, and can obtain an accommodation with your lender regarding your defaulted loan, then by all means you should move forward and begin the process. As always, Good Luck.