The latest U.S. foreclosure horror story: Curse of the zombie title
I had no freaking clue. This would be the ultimate nightmare that doesn't go away. I puzzled & puzzled - why would the mortgage holders back out on repos? What I came up with - please correct me if I'm wrong & add to the list is:
Banks & other mortage holders already have more repos than they can handle. If they take formal, legal repo, they're on the hook for upkeep, taxes, etc. they may not be interested in paying. These houses aren't going to sell - too may of them, wrong location, too much work required... so they're kicking the financial can back to the homeowner.
Pretty sleazy not to let the homeowner know but then again, homeowners, thinking they were FORMER homeowners may have not seen any need to apprise the mortage holder of their current location.
Searching for a dream to run after & catch!