Zombie 2nd mortgages are coming to life, threatening thousands of Americans’ homes (WFAE)

Below is an excerpt from an article published on May 18 by WFAE, discussing the recent surge in “Zombie mortgages” and their implications for hundreds of thousands of Americans. National Consumer Law Center’s Adrea Bopp Stark is quoted.

One spring morning two years ago, Karen McDonough was having tea at her dining room table. She lives in a cozy little two-bedroom house in Quincy, Massachusetts. She looked out her window and saw something unusual.

“There were like 20 cars, and they all came at the same time and they parked in front of my house, across the street, up the street,” McDonough said. “I just had this feeling like something really bad had happened … like maybe somebody in the neighborhood died.”

Something bad was definitely happening — to her.

McDonough put on her shoes, went out to the driveway and approached a group of men, casually dressed, milling around on the lawn. One had a clipboard and seemed to be in charge.

“He had a piece of paper, and I said, ‘What’s happening?’ And he goes, ‘We’re selling your house.'”

It was a foreclosure auction on her home.

Read more at WFAE.