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Process for Foreclosures Gets Longer

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.

  1. 4 beds, 4 full, 1 part baths
    Home size: 4,429 sq ft
    Lot size: 2.07 ac
    Year built: 1974
    Parking spots: 2
    Days on market: 3
  2. 4 beds, 5 full baths
    Home size: 4,738 sq ft
    Lot size: 7,204 sqft
    Year built: 2003
    Parking spots: 2
    Days on market: 6
  3. 4 beds, 2 full, 1 part baths
    Home size: 2,404 sq ft
    Lot size: 10,170 sqft
    Year built: 1980
    Parking spots: 2
    Days on market: 10
  4. 4 beds, 1 full bath
    Home size: 1,155 sq ft
    Lot size: 6,605 sqft
    Year built: 1942
    Days on market: 11
  5. 5 beds, 2 full, 1 part baths
    Lot size: 13,286 sqft
    Year built: 1963
    Parking spots: 1
    Days on market: 12
  6. 5 beds, 3 full baths
    Home size: 1,492 sq ft
    Lot size: 25,955 sqft
    Year built: 1975
    Parking spots: 2
    Days on market: 19
  7. 4 beds, 3 full baths
    Lot size: 10,842 sqft
    Year built: 1967
    Days on market: 19
  8. 3 beds, 1 full, 1 part baths
    Lot size: 10,560 sqft
    Year built: 1964
    Days on market: 26
  9. 5 beds, 4 full baths
    Lot size: 15,785 sqft
    Year built: 1984
    Parking spots: 2
    Days on market: 29
  10. 5 beds, 3 full baths
    Lot size: 5.00 ac
    Year built: 1968
    Parking spots: 2
    Days on market: 32
  11. 5 beds, 3 full, 1 part baths
    Home size: 3,200 sq ft
    Lot size: 9,536 sqft
    Year built: 2005
    Days on market: 40
  12. 4 beds, 2 full, 1 part baths
    Home size: 1,582 sq ft
    Lot size: 10,607 sqft
    Year built: 1959
    Days on market: 43
  13. 4 beds, 2 full, 1 part baths
    Home size: 3,035 sq ft
    Lot size: 11,211 sqft
    Year built: 1999
    Parking spots: 2
    Days on market: 49
  14. 6 beds, 4 full baths
    Home size: 2,610 sq ft
    Lot size: 10,500 sqft
    Year built: 1946
    Days on market: 54
  15. 2 beds, 2 full baths
    Lot size: 3,740 sqft
    Year built: 1947
    Days on market: 68
  16. 4 beds, 1 full bath
    Lot size: 8,665 sqft
    Year built: 1942
    Days on market: 97
  17. 5 beds, 4 full baths
    Lot size: 10,273 sqft
    Year built: 1994
    Parking spots: 2
    Days on market: 101
  18. 4 beds, 3 full, 1 part baths
    Lot size: 8,800 sqft
    Year built: 1984
    Parking spots: 1
    Days on market: 108
  19. 7 beds, 7 full baths
    Lot size: 36,546 sqft
    Year built: 2006
    Parking spots: 3
    Days on market: 121
  20. 3 beds, 3 full baths
    Home size: 2,120 sq ft
    Lot size: 22,000 sqft
    Year built: 1978
    Parking spots: 1
    Days on market: 122
  21. 2 beds, 1 full bath
    Home size: 876 sq ft
    Lot size: 7,500 sqft
    Year built: 1925
    Days on market: 124
  22. 4 beds, 2 full, 1 part baths
    Lot size: 2.62 ac
    Year built: 1974
    Parking spots: 2
    Days on market: 128
  23. 6 beds, 6 full, 5 part baths
    Lot size: 2.46 ac
    Year built: 2005
    Parking spots: 4
    Days on market: 157
  24. 2 beds, 1 full bath
    Lot size: 23,020 sqft
    Year built: 1955
    Days on market: 159
  25. 4 beds, 2 full, 1 part baths
    Home size: 1,494 sq ft
    Lot size: 11,266 sqft
    Year built: 1986
    Parking spots: 1
    Days on market: 167

See all Fairfax County Foreclosure Homes (Single Family).
(all data current as of 8/31/2015)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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