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Monday, November 18, 2024

What is ‘Zombie Debt?’ Why homeowners are facing foreclosure on old mortgages.

Rose Prophete thought the second mortgage loan on her Brooklyn home was resolved about a decade ago — until she received paperwork claiming she owed more than $130,000. “I was shocked,” said Prophete, who refinanced her two-family home in 2006, six years after arriving from Haiti. “I don’t even know …

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