A zombie title is a title that a homeowner retains when a foreclosure is denied but the owner is unaware of the dismissal. Thus, ownership remains with the homeowner in the dark.
The lender may decide not to take ownership of the seized property if the costs associated with the sale of the property (due to unpaid taxes, liens and fines) or potential liability are too high and can be waived.
Zombie titles arise because the financial institution is not required to assume legal ownership of the foreclosed property and cannot (or may not be able) to contact the homeowner if they deny the foreclosure.
The 48 Hour Rule refers to the part of the mortgage allocation process related to the purchase and sale of Mortgage Backed Securities (MBS) to be announced (TBA).
A major improvement is a long-term upgrade, adaptation, or improvement to a property that adds value to it, often including structural changes or restoration.
Effective gross income is calculated by adding the potential gross rental income to other income and subtracting the vacancy and loan costs of the rental property.
A land lease is a contract whereby the tenant can develop the property for the duration of the lease, after which it is transferred to the property owner.