Zombie 2nd mortgages are coming to life, threatening thousands of Americans’ homes

Wow, zombie 2nd mortgages are really scary!  No pun intended.  From an NPR article:

“McDonough had fallen victim to what’s called a zombie second mortgage. Homeowners think these loans are long dead. But then the loans come back to life because they get bought up, sometimes for pennies on the dollar, by debt collectors. These companies often tack on a mountain of retroactive interest and fees, even though that can be legally dubious in some cases, and then move to collect and foreclose on people’s homes.  And an NPR investigation found that the practice is widespread..” 

Read the full article here.

One thing that can protect you from zombie 2nd mortgages is a title search!  I know a company that can help you with that…   🙂


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