Your Name Remains on the Title until the House Is Sold
For a variety of reasons, lenders may hold off on completing a foreclosure because they simply don’t want the house back, or because they have too much inventory on their hands, or because the costs of foreclosing do not justify completing the foreclosure.
It may seem counterintuitive, but banks are not obligated to foreclose and take legal title to a property if they feel the loss or potential liability is too great.
If the property falls into severe disrepair, becomes occupied by rogue tenants or becomes cited for excessive abatement by a municipality, the bank could decide to charge off the debt and walk away. The likelihood of these problems increases the longer a property hangs in limbo, a ZOMBIE TITLE.
The online news outlet dailymail, describes the phenomena very well. I invite you to read there article, here. Then call me and find out how we can prevent you from being an owner of a ZOMBIE HOME.