Real Estate in West Orange
Marsha Bowen Washington

Homeowners Who Walk Away from Their Homes After Bankruptcy Are Not Always Out of the Woods

Zombie foreclosures are called Zombies because these are properties that are in foreclosure and have been vacant for some time.   Several of these homes are vacant because the homeowner filed bankruptcy and is facing foreclosure.  The good news is with the discharged bankruptcy, they are no longer responsible for the mortgage debt, however the bankruptcy does not remove their names from the deed.   With lenders and servicer’s taking several months or sometimes years to foreclose on homes, the title of the property will still carry the current homeowner’s name.  This is beginning to catch up with homeowners that believe they can purchase a home two years after bankruptcy,  then to find out that their previous home was never foreclosed on.  Until the lender forecloses on the home, they are not able to get clean title to purchase a new home.  Homeowners that remain on deeds to their homes can also face additional costs that can include township fees for maintenance of the property which are municipal liens, HOA fees, water and sewer bills.  If lenders see municipal liens that become costly over time, they might take even longer to foreclose.  New debt can be charged to the previous homeowner and can become more headaches if the township files judgments against the homeowner that exist on the recorded deed.   To avoid this problem, it really makes sense to consider a short sale to remove your name from title if at all possible.

Learn ways to avoid foreclosure, right here.

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About Marsha Bowen Washington

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Marsha Bowen Washington

Realtor/Sales Associate

973-510-0014973-510-0014 main

Coldwell Banker Residential Brokerage

2 E. Mt. Pleasant Avenue Livingston, NJ 07039



Marsha was highly professional and knowledgeable about the real estate market. She made me feel very confident that I was in good hands. When I began to feel nervous and stressed, she stepped in and assisted with following up with my lender and attorney to... (more)

5Yetta Armstrong

Marsha Bowen Washington is the real deal! She's knowledgeable, friendly, patient, committed, and caring. My real estate venture was very challenging and Marsha stuck with me throughout the whole process even though I extended my search outside of her... (more)


if Marsha had anyother skills besides real estate, my husband and I would use her in those areas as well. She has such calmness that the worst clamity, seems nothing when she is dealing with things. It was the most effortless journey and a pleasure working... (more)

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