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Karen McDonough of Quincy, Mass., was enjoying her tea one morning in the dining room when she saw something odd outside her window: a group of people gathering on her lawn. A man with a clipboard told her that her home no longer belonged to her. It didn't matter that she'd been paying her mortgage for 17 years and was current on it. She was a nurse with a good job and had raised her kids there. But this was a foreclosure sale, and she was going to lose her house. McDonough had fallen victim to what's called a zombie second mortgage. Homeowners think these loans are long dead. But then the loans come back to life because they get bought up, sometimes for pennies on the dollar, by debt collectors that then move to collect and foreclose on people's homes. On today's episode: An NPR investigation reveals the practice to be widespread. Also, what are zombie mortgages? Is all this legal? And is there any way for homeowners to fight the zombies? You can read more about zombie second mortgages online at: npr.org/zombie This episode was hosted by Chris Arnold and Robert Smith. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang with help from Bob Little. And it was fact-checked by Sierra Juarez. Engineering by Robert Rodriguez with an assist from Patrick Murray. Alex Goldmark is Planet Money's executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Zombie 2nd mortgages are coming to life, threatening thousands of Americans' homes wfae.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wfae.org Daily Mail and Mail on Sunday newspapers.
BOSTON — After a state judge ruled this month that Massachusetts law governing municipal home equity takings “requires Legislative correction,” a state senator who has filed a related bill for years said Monday that he was ready to start demanding roll call votes on his proposal.Members of the Legislature’s taxation panel began voting Monday afternoon […]
Athol Daily News - Court rulings may force action on home equity theft atholdailynews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from atholdailynews.com Daily Mail and Mail on Sunday newspapers.
Court Rulings May Force Action On Home Equity Theft bankerandtradesman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bankerandtradesman.com Daily Mail and Mail on Sunday newspapers.
Greenfield Recorder - Court rulings may force action on home equity theft recorder.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from recorder.com Daily Mail and Mail on Sunday newspapers.
Daily Hampshire Gazette - Court rulings spur state effort to bar 'home equity theft' gazettenet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gazettenet.com Daily Mail and Mail on Sunday newspapers.
Rental Applicants Using Housing Vouchers Settle Ground-Breaking Discrimination ... pr-inside.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pr-inside.com Daily Mail and Mail on Sunday newspapers.
A ruling by a superior court judge is one more blow to a century-old practice in Massachusetts of municipalities taking the total value of a property even when only a small fraction of that amount is owed in taxes.
Council confirms pair of Probate & Family Court judges | Massachusetts Lawyers Weekly masslawyersweekly.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from masslawyersweekly.com Daily Mail and Mail on Sunday newspapers.