What to know about foreclosures
Make sure you know the facts, before you ever walk away from a foreclosed home.
Thousands of properties are said to be in so-called "zombie foreclosures." That's when a borrower moves out after the bank schedules a foreclosure auction.
But then for some reason the auction never takes place, or the bank never transfers the deed to the house.
That means you still technically own the home and all the debt, including property taxes, fees and HOA dues. And it's important to know that debt can drag down your credit score.