Abandoned homes due to homeowners facing foreclosure are part of a zombie apocalypse facing the country’s housing market. Fortunately, it appears that residents in Tennessee and elsewhere are beginning to recover from the epidemic.
We are talking about the scourge of foreclosures and abandonments that began during the Great Recession and continued for several years. Abandoned homes that have not completely gone through the foreclosure process are known as zombie foreclosures. The myriad of problems caused by these abandonments grew as time went on. However, according to CNBC, new rules that streamline the foreclosure process, as well as a rise in home prices, have cut the number of zombie homes to half of what they were last year.
Zombie foreclosures affected neighbors and former homeowners alike. When an abandoned house was not reclaimed by the bank, it would usually become an eyesore as the property was neglected. Infestations of insects and rodents were common. Squatters and drug dealers could also move in, creating a neighborhood menace. Nearby property values would plummet.
Abandoning a home didn’t necessarily mean a former homeowner was off the hook. If the bank didn’t complete the foreclosure process, homeowners may have found themselves facing property taxes, utility fees and homeowners’ association fines, as well as other setbacks.
It is good news for all that zombie homes appear to be on the decline. If you are facing foreclosure or have had to leave your home, it may help to speak with a bankruptcy attorney. The information provided in this blog post should not replace a lawyer’s advice.