According to recent reports, banks and mortgage servicers are being more careful by dotting their i’s and crossing their t’s. The foreclosure process can take up to 2 years now to foreclose on defaulting homeowners. So those of you that think the foreclosures are going to slow down and the market is going to bounce back, think again. There is a huge backlog that has occurred by a number of the nation’s large banks. This is due to a lengthy review process for those who are trying to get a loan modification and of course the lawsuits that have risen from banks improperly filing foreclosure documents.
This brings up the moral issue of the entire situation. Homeowners who have defaulted are staying in their home mortgage free. The worst or best part about it, depending on which party you are is that these borrowers have been mortgage free for 507 days on the average. That is ABSURD!!!! We’re talking 19 to 20 months in their home without making a mortgage payment. Some even expect that number to grow by the end of the year to 22-23 months.
The ultimate goal of the delay in the process is to reduce the inventory of foreclosed homes. Let’s all be real here though, this really is not going to reduce the number of foreclosures. It’s just leading to the inevitable. Banks and the government need to bite the bullet and release all the foreclosed homes so this debacle can end. It has gotten to the point where defaulting borrowers are essentially indirectly stealing from the banks and getting away with it. It makes me sick and I know homeowners that pay their mortgage cannot be that happy either.
Showing properties
1 - 25 of 36.
See more Fairfax County Foreclosure Homes (Single Family).
(all data current as of
11/27/2012)
-
$1,980,000 : 6010 Chesterbrook Rd, Mclean6 beds, 6 full, 2 part baths
-
$464,310 : 5712 Gaines St, Burke4 beds, 3 full baths
-
$629,900 : 4729 Cochran Pl, Centreville4 beds, 3 full, 1 part baths
-
$799,000 : 11717 Valley Rd, Fairfax4 beds, 4 full, 1 part baths
-
$399,000 : 3155 Graham Rd, Falls Church3 beds, 1 full, 1 part baths
-
$349,900 : 4812 Village Dr, Fairfax4 beds, 3 full baths
-
$379,900 : 6733 Anders Ter, Springfield2 beds, 2 full baths
-
$464,000 : 7212 Galgate Dr, Springfield4 beds, 3 full baths
-
$309,980 : 5920 Cauba Ct, Alexandria3 beds, 1 full bath
-
$274,000 : 10651 Old Colchester Rd, Lorton3 beds, 2 full baths
-
$284,000 : 2260 Cocquina Dr, Reston3 beds, 1 full, 1 part baths
-
$384,900 : 4403 San Carlos Dr, Fairfax3 beds, 3 full baths
-
$524,000 : 4404 Braeburn Dr, Fairfax5 beds, 3 full baths
-
$449,000 : 8741 Pohick Rd, Springfield4 beds, 2 full, 1 part baths
-
$476,000 : 5302 Crown Point Rd, Burke3 beds, 3 full baths
-
$699,900 : 804 Chalfonte Dr, Alexandria4 beds, 3 full, 1 part baths
-
$519,900 : 5101 Kings Grove Ct, Burke5 beds, 3 full, 1 part baths
-
$371,000 : 4434 Altura Ct, Fairfax3 beds, 2 full baths
-
$449,000 : 2402 Ross St, Alexandria3 beds, 1 full bath
-
$230,000 : 7301 Neuman St, Springfield3 beds, 2 full baths
-
$334,000 : 5412 Ives Pl, Springfield3 beds, 1 full, 1 part baths
-
$475,000 : 1013 Stanton Park Ct, Herndon4 beds, 3 full, 1 part baths
-
$664,900 : 9646 Park Preserve Dr, Fairfax4 beds, 4 full, 1 part baths
-
$419,000 : 2229 Sanibel Dr, Reston3 beds, 2 full baths
-
$230,000 : 10129 Zion Dr, Fairfax2 beds, 1 full bath
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Related Real Estate Posts
Determining your price range is the first step you want to tackle when you’re buying a home. By kn...
So you’ve narrowed it down the amount of homes from 7 to 1. After just a few short weeks you’re ...
Determining the price of your home can be challenging without the guidance of a skilled Real Estat...
Steps away from I-395 and Washington DC you will find Shirlington's newest addition. Th...
Leave a Reply