'Zombie debt' a growing concern for homeowners

So called "zombie debt" has become a concern for some homeowners. Mortgages they thought were paid off long ago – are coming back to haunt them – putting some at risk of ending up on the street. Ash-har Quraishi reports.

[lulajohns]

I worked in mortgage industry for over 30 years, this is the first ive ever heard of a lender not sending notification of payments due. Something definitely fishy. He will win in court

[Dimythios]

THAT is on that person on not taking care of his business.

[mikeeboee]

How could they evict home owners and not squatters 😳

[dcdude]

“If you have a credit card and you never get a bill, you don’t owe anything” how does that make sense???? Didn’t he wonder what happened to the 65k he owed?

[iabdgogogoletsgo]

That situation leads to more questions. Did he borrow $65K but think his regular payment didn't go up? How?

[j.g.t]

When I don't receive my monthly report from the credit card company, I call them right away.

[mariapug]

If I took out a second mortgage, and my payment is still the same, I would call the bank/company even after the 1st month. Where is the accountability here for one’s neglect?

[stuartmcalpine]

Federal law requires the mortgage companies to send bills. Issue should be over.

[intheshellify]

He thought the paperwork fell through the cracks like a teenager thinks traffic tickets just go away...then they find out all those tickets are alive and healthy and they all have bench warrants attached to them. Then you go through 3 days of lockup and extradition to every municipality and county that has a piece of you.

[elhugeo]

How could it possibly be rolled into the original mortgage when the original mortgage payment never went up?? 😅😅😅

[RS-cwoy]

Nothing zombie about it, they took out a loan, stopped paying, and the money is still owed

[steviepusmc]

No sympathy for law enforcement getting evicted. He should check his bills.

[dgc]

Useless story! The moral of the story is "Borrow $65k" Pay the bill, bills NEVER go away!

[Cwgrlup]

How do you borrow money and think you don’t need to pay it. If you don’t get the bill, CALL THE BANK.

[kathysanders]

That’s why you should never get a second mortgage people are always looking for a way to rip you off

[evacardich]

this exactly happened to me, I lost my home after 20 years, pls I would like to know more information.

[Mlogan]

Should be a law against resurrecting a dead loan and charging the full amount plus interest all at once. It's up to the loan company to send statements for collection. If they don't send any notices, that's on them and should not be able to charge late fees.

[LouisPassau]

Here's one place where there should be heavy handed federal enforcement of lending transparency laws, forcing lenders to send monthly statements. In these cases the lenders are clearly using trickery to enrich themselves. Still, I'd immediately realize there was something wrong if a single month went by without receiving a statement.

[cassandrafine]

Did he not review the loan documents before he signed? The new loan amount and new monthly payment are front and center and something he should have paid closer attention to, so this story doesn't make sense.

[sunrae]

Where is the protection from our government ??