GoFightForeclosure.com Exposes Five Main Reasons Why Banks Don't Foreclose On Zombie Titles
Foreclosure Started But Now Is In Foreclosure Zombie Status
23 JANUARY 2013, NATIONWIDE, U.S.A.
SummaryThe real reasons behind why lenders start foreclosures and then just walk away without ever foreclosing on homeowners.
GoFightForeclosure.com today announced to expose five main reasons why banks don't always foreclose on Zombie titles. Citing that there are over two million homes that banks have started foreclosures on and then decided to not foreclose on the titles. Revealing this is a common practice that is known as the Zombie foreclosure when lenders change their minds about taking back the property.
According to Kyle Ransom, a former mortgage broker with over 16 years of experience in the mortgage finance industry Zombie foreclosures are more common these days. Ransom is the creator of the Go Fight Foreclosure System 2.0 which he developed at the break of the foreclosure crisis to train homeowners on how-to challenge bank foreclosures. Ransom says that he can spot a Zombie foreclosure or potential Zombie foreclosure just be auditing the loan for improper securitization flaws.
GoFightForeclosure.com lists five main reasons why banks don't foreclose on Zombie titles: This information is copyright of GoFightForeclosure.com and may be republished with copyright credit.
Property Condition – If the property needs a lot of repair work and is no longer close to market value lenders may not want to foreclose.
Back Taxes – Many times the back taxes are excessive on foreclosure properties. Lenders spend more money fighting homeowners in foreclosure lawsuits while the taxes rack up. Add this to repairs needed on the property and the cost is too much.
Robo Signer Fraud – Lenders are often willing to walk away and not foreclose when Robo Signer fraud is involved. Especially if the homeowner challenges that the Assignment transfers are fraud documents. This technique is more so effective in Judicial states where lenders must give an oath that the documents are true and correct.
Loan Modification Abuse – When documentations can show that the homeowner was promised a loan modification and the property was foreclosed upon anyway. This is still an open liability for the lender and a reason to not foreclose just yet leaving the property in Zombie foreclosure status.
Improper Mortgage Securitization – The most common way that a homeowner can get the bank to walk away is by challenging improper mortgage securitization. For this reason often banks will allow foreclosures to remain in Zombie foreclosure status. The challenge is for the homeowner to be able to detail how improper mortgage securitization occurred concerning the specific loan. This is where homeowners can reach settlements with the lender to reduce principal balances, lower interest rates, or even free and clear title.
The Go Fight Foreclosure System 2.0 assists homeowners with detecting improper mortgage securitization flaws and is available directly on their website at http://gofightforeclosure.com .
Go Fight Foreclosure System 2.0 simplifies for homeowners how-to identify wrongful foreclosure offering step-by-step training and video tutorials.