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Zombie mortgages threaten thousands of homeowners, an NPR investigation finds

Thousands of homeowners face foreclosure over old zombie second mortgages from the housing-bubble days. Many thought the loans were dead. But investors buy them and can move aggressively to collect. NPR's Planet Money: "Zombie 2nd mortgages are coming to life, threatening thousands of Americans' homes"

Zombie 2nd mortgages are coming to life, threatening thousands of Americans homes

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 abo

Zombie 2nd mortgages are coming to life, threatening thousands of Americans homes

Zombie 2nd mortgages are coming to life, threatening thousands of Americans homes
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Challenging the debt buyers, a Virginian wins her case

When Mazie Green got the notice that a Norfolk-based firm that buys debt from lenders filed a claim in Alleghany County General District Court that she owed them $8,914.31 she did what many a Virginia mountaineer would do. She said: prove it.

Challenging the debt buyers, a Virginian wins her case

When Mazie Green got the notice that a Norfolk-based firm that buys debt from lenders filed a claim in Alleghany County General District Court that she owed them $8,914.31 she did what many a Virginia mountaineer would do. She said: prove it.

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