Dictionary
Words, grammatical forms and meanings linked to the ontology.
zombie mortgage en · NOUN
Meanings
-
(informal) A second mortgage which a debtor falsely believes to be forgiven or paid off, typically arising from a mortgage lender selling the debt to another servicer without notifying the borrower.
In other words, more than 500 zombie mortgages in a single state that are now coming back to life as companies file a form with the state indicating they intend to foreclose on the property.
2023 May 10, Chris Arnold, et al., “Zombie 2nd mortgages are coming to life, threatening thousands of Americans' homes”, in NPR, archived from the original on 22 Jul 2024:
Forms