5 Ways New Federal Bill Targets Zombie Foreclosures
Noting that New Jersey had the highest foreclosure rate in the nation last year, U.S. Sen. Bob Menendez wants to address the most visible sign of America’s mortgage meltdown — abandoned housing.
The mortgage crisis led to a spike in foreclosures and the rise of zombie foreclosures, situations in which homeowners move out before the foreclosure process is complete, leaving empty, deteriorating homes.
At more than 4,000, New Jersey has the highest number of zombie foreclosures in the United States, said Seton Hall University School of Law Professor Linda Fisher.
In some cases these homes sit empty for years, driving down property values and creating headaches for local residents.
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