“Zombie” Foreclosures Low in Massachusetts
In true Halloween spirit, a recent news article reports that “zombie” foreclosures are down nationwide, especially in Massachusetts. A “zombie” foreclosure is where a borrower abandons their home prior to a foreclosure occurring. I suspect that zombie foreclosures do not occur too often in Massachusetts because we are a non-judicial foreclosure state, where the process of removing homeowners from foreclosed properties comes well after the foreclosure has occurred.
I never recommend that a homeowner simply pack up their things and leave a foreclosed home. Even if the homeowner has no intention of staying in the home, there are many things that can be done to ensure that a homeowner will suffer no liability for leaving their home prior to (and after) a foreclosure. A foreclosure attorney can often assist a homeowner in receiving a “cash for keys” settlement to assist with moving costs, and ensure that a homeowner will owe nothing to the bank after foreclosure. If you find yourself in such a scenario, contact me for a consultation.