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What is a zombie title?

Bankruptcy, Chicago

If you own a home in the Chicago area and you have fallen behind in your payments, then you may have received or been close to receiving a notice of foreclosure. If the bank has already taken this step, then you should acquaint yourself with a zombie title. According to Reuters, the zombie title is a title that remains in your name after a bank initiates foreclosure proceedings.

Generally, what happens is that you receive a notice that your house is being taken over by the bank. Therefore, you pack up your belongings and move out of the home, leaving it to the control of your lender. Then, the bank never completes the process and you never receive notice that the bank has changed its mind. A year later, you start receiving bills for the property or a notice of collection from the city for cleanup fees or overdue taxes. The bank simply counts the property as a loss to them and then receives a credit on their tax filing or a payout from their insurer.

Meanwhile, during that year when the house sat abandoned, squatters, transients, and others have used it, stripped it of anything that is worth monetary value and basically damaged it beyond repair. The lack of care to the property may have caused structural damage as well as led to overgrown grass, an abundance of weeds and an accumulation of garbage. Essentially, you are now haunted by a house that you cannot live in, you can’t afford to repair and you can’t sell. Furthermore, you still owe that mortgage money to the bank.

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https://billbusters.com/wp-content/uploads/2018/09/blog-image.jpg 300 300 Isaiah Oconnor https://www.billbusters.com/wp-content/uploads/2019/01/highres-logo-billbusters-transparent-1030x412.png Isaiah Oconnor2018-09-26 05:19:482018-10-07 18:30:39What is a zombie title?

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Located in Chicago, the law firm of Billbusters, Borges and Wu LLC. represents clients throughout Illinois, including, but not limited to the cities of :Alsip, Arlington, Heights, Bellwood, Berkeley, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Burbank, Calumet City, Chicago, Chicago Heights,  Chicago Ridge, Cicero, Country Club Hills, Des Plaines, Dolton, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Franklin Park,  Glencoe,  Glenview, Glenwood, Golf, Hanover Park, Harvey, Harwood Heights, Hazel Crest, Hickory Hills, Hillside, Hines, Hoffman Estates, Hometown, Homewood, Justice, Kenilworth, La Grange, La Grange Park, Lansing, Lemont, Lincolnwood, Lyons, Markham, Matteson, Maywood, Melrose  Park, Midlothian, Morton Grove, Mount Prospect, Niles, Northbrook, Oak Forest, Oak  Lawn, Oak Park, Olympia Fields, Orland Park, Palatine, Palos Heights, Palos Hills, Palos  Park, Park Forest, Park Ridge,  Posen, Prospect Heights, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Schaumburg, Schiller Park, Skokie, South Holland, Steger, Stone Park, Streamwood, Summit Argo, Techny, Thornton, Tinley Park, Westchester, Western Springs, Wheeling, Willow  Springs, Wilmette, Winnetka, Worth and All of Cook County IL.

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