WASHINGTON, D.C. – January 28, 2014 – (RealEstateRama) — Join a phone briefing today on Woodstock Institute’s new report, Unresolved Foreclosures: Patterns of Zombie Properties in Cook County. The report examines the extent to which servicers are walking away from foreclosures in Cook County, Illinois, creating zombie properties, and how that practice may vary by the characteristics of the neighborhood in which the property is located.
Register for the briefing.
Unresolved Foreclosures estimates that there are more than 11,700 zombie properties in Cook County, including more than 5,800 in the City of Chicago. A property becomes a zombie when a mortgage servicer files for foreclosure and then does not complete the process and take ownership of the property or resolve the foreclosure by other means. For its report, Woodstock defines a zombie property as a foreclosure that has not been resolved for more than three years.
Because neither the borrower nor servicer has clear control of the property, neither has a strong incentive to assume responsibility for the property. Zombie properties, therefore, are likely to be poorly maintained or blighted, which threatens the stability of surrounding communities.
Phone briefing on “Unresolved Foreclosures: Patterns of Zombie Properties in Cook County”
Tuesday, January 28, 1:00 p.m.
Register for the briefing.
