Zombie foreclosures are properties that are vacant and in foreclosure. According to Realty Trac, there are currently around 302,000 of these properties. This particular type of foreclosure is troublesome not just to the homeowner and maybe even mortgage holder, but they are also terrible for the community. Properties like these tend to bring down the property value of the other homes in the vicinity as well as the curb appeal of the neighborhood. Additionally, residences that have been vacant for long periods are often subject to vandalism and other illegal activities that can pose a danger to all individuals living in the area.
Florida being one of the top five states to have amassed a huge quantity of zombie properties (around 90,556), leaves the real estate market in an interesting situation. Since these houses are in foreclosure, the door is open for development deals and renovation projects to increase, which would be good for the economy in the state. Furthermore, around 540,000 properties are waiting to be sold, thus opening up the market to highly interested homebuyers.
There are other ways to fix the Zombie foreclosure problem, one of which is to work on changing public perception. Many of these properties exist because homeowners have simply gotten behind on payments. In order to help combat the problem, loan owners need to work on effectively communicating to borrowers the many different programs and options that are available to them. This helps bring down the vacant residence issues, thus lessening the issue of loan companies not receiving payments on time or not at all.
What are your thoughts on the foreclosure issue? Seeking professional consultation on all foreclosure and personal bankruptcy matters is a smart idea for any consumer. The importance of a Fort Lauderdale Bankruptcy Attorney will remain clear. It is vital to ensure that the bankruptcy process runs as smoothly as possible. Similarly, Foreclosure Defense Fort Lauderdale is vital to ensure your financial and legal rights are defended.