Zombie properties are properties stuck in foreclosure limbo. Homeowners vacate property when a foreclosure seems eminent or they simply can't afford to live in the property. However, the property remains in the owner’s name because the lender fails to complete the foreclosure process or sits on its right to foreclosure because it doesn’t want the property on its balance sheet.
Most zombie properties are significantly underwater where more is owed on the mortgage lien than the property is currently worth. Current owners often don’t know the property is still in their name. The owner risks significant legal and financial liability for taxes, insurance, and other payments made by third parties even after bankruptcy. Owners can be sued for premises liability if someone is injured on their property. We understand these unique circumstances, and the motivations of all parties to immediately dispose of zombie property.
With a foreclosure court backlog of more than 350,000 properties and over 40,000 current zombie properties, Florida has been hit hard by the financial and foreclosure crisis. Every Florida community has been negatively impacted.
We help zombie property owners by purchasing abandoned unwanted property. We place our company in the muddy shoes of previous owners and take their position in on-going legal matters they can't afford to fight. We put needed cash in the pockets of owners and help to eliminate current and potential liabilities, stress, worry, and the financial burdens of owning an underwater decaying property.
We invest in the restoration of these decaying properties and transform them into high quality rentals. We place good tenants in our properties who become responsible and respected neighbors. This helps to restore and sustain our communities, property values, and homeowner dignity.