Host: Rich Szerman

Topic: Protection from Zombie Seconds
The Real Estate Fix With Rich Szerman – Protection From Zombie Seconds – June 16, 2023

On today’s episode of The Real Estate Fix with Rich Szerman, Rich opens up the show by discussing some market updates related to interest rates. For the most part, they have stayed about the same as last week and the Federal Reserve hasn’t raised interest rates for this week either; however, banks from European nations recently have. Rich also discusses some articles from Forbes as well as CNBC predicting the inflation of housing to go down by a bit; he explains it as a “race between supply and demand” in terms of the housing market and what that means for real estate overall.

After the first break, Rich delves into the topic of Zombie Seconds, what they are, and what they entail. Simply put a “Zombie Second” is mortgage debts previously thought to be forgiven but still exist and make a reappearance for homeowners. Often times, they are written off by a lender and sold in a secondary market for debt collectors, who target homes with equity. These second mortgages may sometimes appear up to, or even more than, a decade later.

Lastly, Rich wraps up the show by offering viewers extensive steps to protect themselves from Zombie Seconds. The first tip he gives is for the homeowner to pull up a Title Report to see where the loan originated and to prove how the house can go into foreclosure. He also advocates for listeners to find protection through services such as RESPA and TILA. Finally, Rich discusses how Zombie Seconds can be stopped at a legislative level here in the state of California with 4 steps. The first is for notices to be constructive, the second is for changes in servicing to be filed with the assessor’s office, third is for the statute of limitations to be limited to 4 years instead of 60, lastly, when notes are sold in secondary markets, homeowners should be able to buy that note on their own home.

Rich Szerman has been helping clients buy, sell, and protect real estate for over 30 years.

In today’s volatile economic landscape real estate is the single biggest and best investment most people can have. Whether you own your own home or want to own one someday, real estate effects everyone. So, knowing how the housing market works is critical to making real estate work for you.

Whether you need help with foreclosure, disclosure, mortgage, title, refinance, buying or selling, or any other issues he is here to help. His team of experts have been fixing people’s real estate problems and answering their questions for over 3 decades. Whatever your issue is, they’ve probably seen it and solved it before and they’re here to help.

Email: [email protected]
Phone: 661-253-3000