We have often discussed how foreclosures are affecting some families in Florida. While some people opt to fight that foreclosure, others decide that it is best to simply move on. Those people move out of the home that is being foreclosed upon. In some cases, those homes begin to become an eyesore. Those abandoned homes are considered zombie foreclosures.
The sad fact of the matter is that some of these zombie foreclosures become ground zero for criminal activity. Those homes, as well as others that have been abandoned, become a liability to the cities because public resources are often drained to protect the residents of the neighborhood from activities that are based in those surrendered homes.
Piles of debris, boarded up windows and algae-ridden swimming pools are earmarks of these homes. Those factors often draw attention from the municipalities trying to keep the cities clean. Fines for unkempt lawns and other hazards are issued and accumulate during the years’ long foreclosure process.
On top of those factors, these zombie foreclosures pull down the property value of neighboring homes. Vandals often attack those homes, which makes them even more of an eyesore.
When you think about these properties, it is easy to see how much they can deteriorate as they sit abandoned throughout the often years’ long judicial foreclosure process in our state. In some cases, the mortgage companies hire property management companies to take care of the properties.
For people who are facing foreclosure, the decision about whether to fight to stay in the home or just cut ties with it can be agonizing. Some homeowners who are facing that decision might try to find options for remaining in the home, including refinancing a mortgage or filing bankruptcy. Knowing the options and learning how each applies to a specific case are vital for those homeowners.
Source: Orlando Sentinel, “Zombie foreclosures fill Central Florida” Charles Minshew and Mary Shanklin, Feb. 14, 2015