Callum Jones
A US couple are in danger of losing their home after appearing to fall victim to a term known as 'zombie mortgage'.
Owning a house can certainly be tricky business, borrowing all that money for the privilege of owning a home is a risky one, but one that many take.
Adaina Brown and her husband are two of millions in the US to have taken out a mortgage in recent years, though they are now facing some major financial problems because of a 'zombie loan'.
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That term refers to a second mortgage that seemed to have been forgotten by the couple or been written off.
However, a collector reached out to the couple about the unknown, but apparently unpaid debt that the Carson couple are required to pay.
As a result, Brown and her husband have been handed a massive bill that they simply cannot afford to pay.
While the couple may be living in their dream home right now, Brown is worried she may well lose it for good thanks to this 'zombie loan'.
"It kind of just broke my heart. I told my husband I can't take another thing," Brown told KABC.
Brown and her husband bought their dream home in 2007, requiring a first and second mortgage to do so.
Of course, the whole world went into financial turmoil around the same time, which in turn crashed much of the housing market.
Brown claims the mortgages were transferred several times to new companies, with the original lender eventually charging off the second loan.
The debt then showed up with a new company, who sent Brown a letter saying she was not responsible for the debt.
"They said thank you for reaching out. You're absolutely right, this debt has been charged off. You are no longer liable for this debt. We will update your credit. They sent me a new credit report," the homeowner said.
However, that wasn't the end of it, as the loan showed up with another company in the form of Specialized Loan Servicing.
They claim the couple owe $139,000, with the company since filling against the property.
"I get a notice of default and hundreds of Realtors called me about my house saying, do I want to sell it, it's in pre-foreclosure," Brown continued.
Specialized Loan Servicing have been in a bit spot of bother in the past, with the federal government's Consumer Financial Protection Bureau finding they violated regulatory guidelines by foreclosing against borrowers who should be entitled to protection.
UNILAD has contacted Specialized Loan Servicing for a comment.