EP440 Zombie Loans Are Back with Shante Duffy

After the housing crash in 2008, millions of struggling homeowners asked for loan modifications with their lenders. Many of these homeowners were relieved to find out that their lender was willing to forgive their 2nd mortgage as part of the modification process.

That was all well and good, and it saved borrowers hundreds, if not thousands, in monthly payments.

But now those loans are coming back to haunt them, and the investment groups that bought up those loans for pennies on the dollar are foreclosing on them in order to sell the property at a profit.

There are few people who understand this strategy better than my guest today. Shante Duffy is a trusted expert in the note space, and she’s going to help us understand this strategy from the investor’s point of view and offer suggestions to homeowners who might find themselves in this situation.

Find out more:

NPR article Link: https://www.npr.org/2024/05/10/1197959049/zombie-second-mortgages-homeowners-foreclosure

shanteduffy@outlook.com

Today’s episode is brought to you by Green Property Management, managing everything from single family homes to apartment complexes in the West Michigan area.

https://www.livegreenlocal.com

And RCB & Associates, helping Michigan-based real estate investors and small business owners navigate the complex world of health insurance and Medicare benefits.

https://www.rcbassociatesllc.com