Vacant Property and Zombie Foreclosure
Yesterday, ATTOM Data Solutions released its Vacant Property and Zombie Foreclosure Report for the third quarter of 2020, finding that just over 1.5 million U.S. residential properties, or 1.6 percent of all homes in the country, are currently sitting vacant.
That many empty homes at a time when supply levels are painfully low is problematic in its own right. But what happens when a vacant or abandoned property also faces the risk of foreclosure? You are describing a zombie foreclosure.
Vacant Property and Zombie Foreclosure
Zombie foreclosure is a situation that occurs when a home is left vacant by homeowners who incorrectly believe they have to immediately move out after receiving a foreclosure notice, thinking that the foreclosing lender is now responsible for the property. If the lender doesn’t complete the foreclosure process and sell the home, no one is occupying or caring for the property, so the vacant property often falls into disrepair, creating safety concerns and resulting in an appearance that may lower property values in the surrounding community.
ATTOM found that zombie foreclosure rates rose from Q2 to Q3 in every state but Hawaii. (The district of Columbia also experienced a decline.) The states with the largest increases in zombie foreclosure rates were Kansas, Missouri, Georgia, Kentucky, and Nebraska. Each state saw its proportion of zombie foreclosures rise to at least 10 percent.
The most affected metropolitan areas in Q3 were Peoria, Kansas City (MO), Omaha, and Cleveland.
Home Foreclosure Help
COVID 19 brought considerable changes in homeowners’ financial situation. Cut-backs in hours, temporary layoffs, and outright loss of jobs have led to late or missing mortgage payments.
You know you are in financial trouble when you are
- having difficulty paying the mortgage payment on time
- having very little savings for emergencies
- using credit cards to get to the next payday
- paying the minimum on your credit cards
- neglecting doctor and dental visits
- shrinking from the ring of the phone
If you are facing financial hardships, call us for home foreclosure help. Our experience working with homeowners in similar circumstances can divert you from the path to foreclosure you are on.
Can I Sell My House Before Foreclosure?
If you can’t avoid foreclosure, consider selling your house before foreclosure and before your house is sold at auction. You may want to sell your house in pre-foreclosure as a way out of your financial dilemma. A dinged credit report is much better than one saying foreclosure.
Why not sell your house to Terra Firma Property Solutions, LLC? It is quick! You can sell your house fast, normally in 30 days or less. That is much quicker than a traditional sale, which can take several months.
Ask for FREE information about How to Sell Your House Fast.
Terra Firma Property Solutions, LLC, is a professional, full-service real estate solutions firm.
We buy and sell properties throughout the greater Kansas City area. We specialize in buying distressed homes, then renovating and reselling them to home buyers and landlords. Terra Firma Property Solutions: excited to be part of the economic rejuvenation of Kansas City and its surrounding areas.
Call us today at (816) 866.0566
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