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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. 3 beds, 3 baths
    Lot size: 11,565 sqft
    Year built: 1972
    Days on market: 20
  2. 5 beds, 4 baths
    Lot size: 8,558 sqft
    Year built: 1953
    Days on market: 26
  3. 3 beds, 3 baths
    Lot size: 8,499 sqft
    Year built: 1982
    Days on market: 31
  4. 4 beds, 4 baths
    Home size: 3,208 sq ft
    Lot size: 7,019 sqft
    Year built: 1999
    Days on market: 38
  5. 4 beds, 4 baths
    Lot size: 10,696 sqft
    Year built: 1986
    Days on market: 47
  6. 4 beds, 5 baths
    Lot size: 4,956 sqft
    Year built: 2006
    Days on market: 54
  7. 4 beds, 3 baths
    Home size: 2,573 sq ft
    Lot size: 16,849 sqft
    Year built: 1968
    Days on market: 310
  8. 4 beds, 3 baths
    Home size: 3,159 sq ft
    Lot size: 3,981 sqft
    Year built: 1987
    Days on market: 396

See all Fairfax County Foreclosure Homes (Single Family).
(all data current as of 6/23/2018)

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

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