The Zombie Foreclosure

The Zombie Foreclosure If you don't think the abandoned foreclosure next door is eating away your home resale value.. you're dead wrong. Total US Foreclosures Abandoned Foreclosures 527,047 127,021 (Zombies) 1 in 4 Active foreclosures will become zombies A Zombie foreclosure can sit abandoned for years, attracting overgrowth, vandalism, theft, and will eat away at the value of any surrounding homes. Top 6 states with the most zombie foreclosures Florida Ohio 35,903 7,360 California 7,370 Illinois 9,358 New Jersey New York 17,983 16,777 Runner up states Indiana Pennsylvania Maryland North Carolina 5,217 4,937 3,363 3,177 Instead of brains, these zombies feed on nearby home value. 660. ft The zombie bite range _ MI Zombie. You. Simply living near the zombie is enough to drop your resale value. How much value is eaten? 1.8% The percentage of your home resale value will drop for every zombie located near your home. (per zombie) This makes zombies especially dangerous in hoards. Piz ignore For zombies SALE 10.8% % of your resale value Just 6 zombies can consume Maybe if you ignore the zombie it will just go away? (You're going to be waiting a while) BANK In 2014 it took an average of 2/FEBRUARY 4/APRI 5/MAY 6/JUNE OFTOBER UNOVEMBER /DECEMBE JJANUARY 2/FEBRUARY 3/MARCH 5/MAY 592 days FORECLOSED to repossess a home for failed payments When the bank finally takes ownership of the zombie, they generally have difficulty finding a buyer willing to repair the damage. Typical weapons are not legally effective against these zombies. So how do you kill a zombie foreclosure? НОА Cut the grass Establish Let HOA know & maintain the yard neighborhood watch of the abandoned home Contact Increase the owner and make aware of incentives lender's awareness of vacated foreclosure Why these zombie take down strategies work: Maintain the Yard An abandon home can quickly be swallowed by overgrown grass/bushes and potentially have its roof crushed by overgrown trees. Break out the mower, machete, and chain saw! Neighborhood perception will improve if the zombie does not appear vacated. Establish neighborhood watch Vandalism, copper theft, and squatters are typically more prevalent in abandoned homes Know your neighbors. Report suspicious activity to police. Explain to home owner why they are throwing away money by leaving Foreclosure homeowners could save $15,780 A year o by living in their home payment free or renting it out Note: A good foreclosure defense attorney can effectively buy more time or even prevent the foreclosure Rally neighbors to contact the lender about the abandoned home This may help push the bank to put the zombie in their cross hairs (Speeding up the foreclosure process) Ensure HOA is aware of the abandoned home НОА They may vote to take on the responsibility of maintaining the yard to keep the neighborhood looking attractive Remember, an occupied home is a happy home! References: (Dan Immergluck/Geoff Smith) https://www.woodstockinst.org/sites/default/files/attachments/TGTN_ Report%20(1)_0.pdf(Min Na) https://smartech.gatech.edu/bitstream/handle/1853/43473/MinNa_The% 20Effect%20of%20Foreclosure%20on%20Vacancy%20at%20the%20Neighborhood%20Level.pdf(Frank Ford /April Hirsh/Kathryn Clover/Jeffrey A. Marks/Robin Dubin/Michael Schramm/Tsui Chan/Nina Lalich/Andrew Louchky/Natalia Cabrera)http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/w13-12_cleveland_0 -pdf(Brian Lund)http://www.dailyfinance.com/2014/03/28/zombie-foreclosures/http://www.zillow.com/ home-values/http://www.realtytrac.com/content/foreclosure-market-report/march-and-ql-2014-us-foreclos ure-market-report-8034http://www.realtytrac.com/news/foreclosure-trends/zombie-foreclosures-q1-2015/ http://www.realtytrac.com/news/foreclosure-trends/1-1-million-u-s-properties-with-foreclosure-filings-in-20 14-down-18-percent-from-2013-to-lowest-level-since-2006/http://www.realtytrac.com/news/foreclosure-tre nds/u-s-foreclosure-decreases-2-percent-in-june-to-lowest-level-since-july-2006-before-housing-bubble-burs t/http://www.realtytrac.com/content/foreclosure-market-report/march-and-q1-2014-us-foreclosure-market- report-8034(Jason Notte)http://www.thestreet.com/story/12538031/2/5-housing-markets-overrun-by-zombi e-foreclosures.html(Quentin Fottrell)http://www.marketwatch.com/story/zombie-foreclosures-rise-in-16-stat es-and-60-metro-areas-2014-10-30http://www.mortgageorb.com/e107_plugins/content/content.php?Conten t.15168(Yves Smith)http://www.nakedcapitalism.com/2013/01/another-nightmare-zombie-title-shows-how-s ervicer-refusal-to-foreclose-hurts-stressed-homeowners-and-communities.html(Michelle Conlin)http://www. reuters.com/article/2013/01/10/us-usa-foreclosures-zombies-idUSBRE9090G920130110(Charles Minshew/Ma ry Shanklin)http://www.orlandosentinel.com/business/os-zombie-foreclosures-fill-orlando-20150213-htmlst ory.htmlhttp://www.zerohedge.com/news/2014-03-13/vacant-dead-one-five-foreclosed-homes-vacant-zombie (Alison Fitzgerald)http://www.publicintegrity.org/2014/09/15/15519/zombie-homes-haunt-florida-neighborh oods(Kate Berry)http://www.americanbanker.com/issues/178_78/banks-halting-foreclosures-to-avoid-upke ep-1058558-1.htmlhttp://www.realtytrac.com/news/foreclosure-trends/q2-2015-zombie-foreclosures/ BROUGHT TO YOU BY THEORLANDOFORECLOSURE.ATTORNEY E E