Category Archives: Foreclosure

Learn more about foreclosure, including the foreclosure process, how to stop foreclosure and how bankruptcy may prevent home foreclosure.

What is a Zombie Foreclosure?

In the past, we talked about vampire foreclosures, which is when a bank seizes a property, while the owners of the home still live in it. This week we will discuss another monster of a topic called zombie foreclosures. These foreclosures sometimes happen due to a misunderstanding. For instance, a homeowner receives a foreclosure notice. She or he assumes that the lender will take over the property, so he or she collects his or her belongings and moves away, leaving the property behind. Some people leave their property when the foreclosure process takes too long. The zombie foreclosure comes into play after the homeowner has packed his or her bags and left and the foreclosure, for whatever reason, ends up being cancelled. This means the sale never took place and that the house remains in the vacated homeowner’s name. These properties can often be left untouched and fall into disrepair,…
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How Can Bankruptcy Save My Home from Foreclosure?

Are you worried that you are going to lose your home to a foreclosure this holiday season? Well, there is some good news, as Fannie Mae and Freddie Mac have announced that they will temporarily halt foreclosure evictions until January 2, 2015. “[The] announcement will bring some holiday relief to borrowers who went through foreclosure and were preparing to move,” said Chris Bowden, senior vice president of REO at Freddie Mac, according to CNN. Even though evictions will be delayed, the agencies said that all legal and administrative processes would continue through the holidays. The agencies also said that notices for default and auction sales would also proceed as scheduled. CNN reported that if a foreclosure sale were completed during the halt, homeowners would not have to leave their homes until January 2. JPMorgan Chase also said it would observe a moratorium on evictions throughout the holiday season, according to…
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How Can Chapter 13 Bankruptcy Help Me Save My Home?

If you are worried that you may lose your home in foreclosure, you can enter into Chapter 13 bankruptcy and schedule a repayment plan lasting between three to five years. This can help you save your home and stop collection attempts. If you are being hassled by your lender about payments, this process creates an automatic stay that goes into effect preventing the bank from taking action against you. Additionally, if you have a junior mortgage, also known as second or third mortgages, a Chapter 13 bankruptcy allows you to discharge them. Unfortunately, the Baltimore Business Journal reported that foreclosures in Maryland increased in August 2014 by 20 percent over the same month last year. The news outlet reported that state foreclosures were also up 71 percent from July 2014. The Baltimore-area was hit particularly hard by foreclosures, as the rate ranked third in the nation with one in every…
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