How to avoid zombie mortgages

If you’ve ever received a foreclosure notice or thought about walking away from your mortgage, you may think twice after you watch this story.

If you get hit with a foreclosure notice, do not assume that you have to leave your home right away.  In Illinois, the process could take up to two years to complete.  Also keep in mind, you are still legally responsible for the property until the judge rules against you and the judgment is filed with the recorder of deeds.

Tonya Francisco explains more how that mortgage can come back from the dead to haunt you.

3 comments

  • Todd Pardee

    Just another American that got HIMSELF in over his head, now wants someone else to bail him out of his problems. At the first sign of problems his only thought was to bail and stick someone else with his failure! You don’t hear about him trying to work it out with the bank, which worked it out without him! Then they mention the tax sale! They dont sell the property at a tax sale, they sell the tax liability at the tax sale. This guy is still the owner for a few more years, unless he willingly gives up title that he doesn’t have….. Always looking for a way out…

    • Anonymous

      Yes, he did get himself over his head, but the bank is not blameless in this story. The bank issued the foreclosure notice, but did not tell the owner the foreclosure was effectively hlalted. The owner should have done more study on the law, but was it legalfor the banks to do this? Oh yes, but not very moral and certainly not ethical on the banks part.

  • Sean

    I'm a part of his family and I just want to let you guys know that the bank kicked the tenants of all three houses on a foreclosure notice. Then, they revoked the foreclosure without telling us and left us three empty houses. This is a neighborhood full of gangbangers and killers and when the tenants left the houses, these people went in and stripped it of everything for money. Piping, appliances, walls, fencing, everything. The bank revoked that foreclosure notice without informing us, then randomly began charging us for everything that went on on those properties. This means that if a person got hurt or killed or raped or anything on these lots, the family of the victim had legal right to sue us. Every single time anything on this lot happened, we had to spend about 400 dollars to have someone come out and fix the place up. Get rid of whatever was cause for concern. This happened maybe 20 times.

    He wasn't looking for quick bucks, he was looking out for the one kid he had at the time (Now he has three kids and 4 step-kids). Not only that, guys, but John is a Calumet Park homicide detective and has been a police officer for 20 years. This guy knows the laws. He's not trying to scapegoat the bank. He's blaming the bank for putting us into a financial hole that we didn't get out of until one house got sold and the other two were put into demolition court. After we own the houses 100%, we're tearing them down and being done with this garbage.

    Point being, you didn't know the full story. Don't make assumptions.

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