Chicago Creative Investors Association - Monthly Meeting

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CCIA - Monthly Meeting 5:30pm-8:30pm Central TIme

Zombie Foreclosures with Jane Garvey and Tony Youngs

Zombie foreclosures are in the news again. A rather startling piece on ABC News talked about Chicago homeowners being stuck with expensive fines for “zombie foreclosures’ on ‘zombie properties’. “One woman is being haunted by a property that was sold almost 60 years ago, another getting her wages garnished.”

This is not the first time we have heard about zombie foreclosures, and I am sure it won’t be the last. There were many of them following the 2007-2008 crash. Homeowners moved out when they knew there was no way they would be able to fend off the foreclosure. The banks in some cases did not proceed with the foreclosures. This left the responsibility for upkeep with the owners who had abandoned the property. Fines for demolition, weed removal, and many other things have accrued to these properties, with no one taking responsibility.

In the aftermath of the CARES Act and Foreclosure Moratorium the number of homes that are caught in various stages of the foreclosure process increased. The opportunities are there for investors who are willing to do some investigation and possibly go through extra steps to get clear title.

We have decided that this is worth talking about.
• How and why do properties and people end up in this situation?
• Why wouldn’t the bank finish the foreclosure?
• Wouldn’t these properties go to tax sale/tax deed?
• If you find one of them, how do you clear the title?
• If someone gave the bank a deed-in-lieu could it still be a zombie?
• Are there free and clear zombie properties?

We have invited Tony Youngs to join us via zoom to discuss what he has been finding and what to do to get to the bottom of these situations. Tony was here in Nov 2022 speaking about Hidden Markets, and he did an all-day workshop on Dec 3rd on pre-foreclosures and hidden market properties. He has the expertise to drill down on this topic. He also has a 3 day bootcamp in our area near the end of January for anyone who would like some hands on training.
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Meeting Agenda
5:30PM - Informal Networking
6PM - CCIA Announcements
- The Annual Crunching of The Numbers - Steve Smullin
- Property Presentations/ Have/Wants
6:45PM Main Speakers/Program Zombie Foreclosures