Many Americans face foreclosure on old mortgages. The trouble with 'zombie debt.'

It’s a consumer horror story that’s becoming all too real for thousands of homeowners. Known as “zombie debts,” mortgages that homeowners thought were paid off long ago are coming back to haunt them, putting some at risk of ending up on the street.
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[icharus]

Uh.. wait.. what? So he took out a second mortgage.. and when he didn’t get a bill.. thought “oh well I guess the money is free”?

[SweetPotata]

I call BS. He didn’t know he was supposed to pay that second mortgage? If he really thought it rolled in the original loan, the amount would’ve been different.

[spencerathearn]

If you don't get a bill I'd start calling and finding out we're the bill is at

[MrCovert]

I think as a homeowner you NEED TO BE RESPONSIBLE

[danielemerson]

Pretend it will be OK that I got 65000 and don't pay it back.

[JustMe-dnfh]

Something is fishy or crazy here. He borrowed $65, 000 snd thought his mortgage was going to stay the same?
Secondly, the sheriff dont just come evict you. It's a process.
He is not giving the full run down. They need to do a follow up story with this man. Not telling the truth.

[MossMini]

A Loan is not free money. What does it means he had no idea?

Freeloader mindset. Own it buddy.

[subicstationditosailor]

The banks were given 20 years to recover from 2008.

[jarexxsuvexx]

Dude is full of BS. How can you explain taking out a second mortgage and after a very ridiculous long time of never receiving any bills wasn't smart enough to figure out something wasn't right.🤨

[esils]

Assume it was all rolled in the same monthly payment?!?! So you didn’t expect an increase after the 2nd mortgage?!?! 1:15

[jtpalooki]

Foreclosure is a process.. they had to have given him notice!

[bukboefidun]

I would get worried if I didn't get my annual property tax bill at my home address with MY NAME ON IT.

[ncasti]

He most likely received correspondence from the lender and ignored it. The lender didn't sue him for foreclosure before trying to evict him? We don't know the full story here.

[DrewDienno]

You gotta follow up on those things if the companies don’t send you bills, that’s just one of the small annoyances of living life

[joefranks]

So after you had the 2nd mortgage and got a bill from your first, did you not see costs broken down? Did you bother to question anything? Of course not, you just assumed.

[tomnguyen]

Second mortgage and or 3rd mortgage are not "Zombie debt". They are real debts and you must pay or lose your house. He playing the victims here. He should just file for Bankruptcy before it get auction or sell the house. He trying to have it both ways.

[elihubildad]

Many home owners are in this situation and this is just the tip of the coming second housing crisis

[df]

He knew that he owed money as a second mortgage, I would have looked into that right away. No sympathy here.

[KingsMen-ru]

How do u think your mortgage is paid off without proof 🤔

[JoeyRiz]

lol dude did not pay his mortgage but he it’s not his fault lolol. Wow this is silly