DEFINITION of ‘Zombie Title’
A right to ownership and possession of a home that remains with a person who believes he or she has lost the property as a result of foreclosure. A zombie title is a title to real property that happens when a lender initiates foreclosure proceedings by issuing a notice of foreclosure and then unexpectedly dismisses the foreclosure.
If the person is unaware of the foreclosure dismissal, he or she will be left holding a zombie title. A lender may decide to dismiss the foreclosure for a variety of reasons, including a surplus of inventory, if the costs associated with a foreclosure cannot justify its costs or if the lender does not want to take possession of the home.
Read more: Zombie Titles Definition | Investopedia https://www.investopedia.com/terms/z/zombie-titles.asp#ixzz3odZ8lnHw
The number of U.S. houses left vacant because of foreclosure fell 43 percent in the third quarter compared with the same period last year, yet New Jersey’s share of these so-called zombies keeps it at the top of a national list. Alan J. Heavens, Philadelphia Inquirer Read more
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