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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.

See all Fairfax County Foreclosure Homes (Single Family).
(all data current as of 4/22/2014)

  1. 7 beds, 6 full, 2 part baths
    Home size: 7,523 sq ft
    Lot size: 37,681 sqft
    Year built: 2006
    Parking spots: 3
    Days on market: 2
  2. 4 beds, 3 full, 1 part baths
    Lot size: 10,062 sqft
    Year built: 1954
    Days on market: 15
  3. 6 beds, 6 full, 5 part baths
    Lot size: 2.46 ac
    Year built: 2005
    Parking spots: 4
    Days on market: 25
  4. 3 beds, 2 full baths
    Home size: 988 sq ft
    Lot size: 7,069 sqft
    Year built: 1972
    Days on market: 28
  5. 4 beds, 3 full, 1 part baths
    Home size: 2,220 sq ft
    Lot size: 12,420 sqft
    Year built: 1981
    Parking spots: 2
    Days on market: 29
  6. 3 beds, 1 full, 1 part baths
    Home size: 1,170 sq ft
    Lot size: 11,739 sqft
    Year built: 1956
    Days on market: 33
  7. 3 beds, 2 full, 1 part baths
    Lot size: 8,500 sqft
    Year built: 1985
    Parking spots: 2
    Days on market: 44
  8. 3 beds, 2 full, 1 part baths
    Home size: 1,302 sq ft
    Lot size: 7,500 sqft
    Year built: 1986
    Parking spots: 2
    Days on market: 48
  9. 4 beds, 3 full baths
    Home size: 1,170 sq ft
    Lot size: 18,053 sqft
    Year built: 1958
    Parking spots: 1
    Days on market: 72
  10. 3 beds, 3 full baths
    Lot size: 16,171 sqft
    Year built: 1956
    Parking spots: 1
    Days on market: 78
  11. 2 beds, 1 full, 1 part baths
    Home size: 1,148 sq ft
    Year built: 1967
    Days on market: 82
  12. 7 beds, 7 full, 1 part baths
    Home size: 9,690 sq ft
    Lot size: 39,053 sqft
    Year built: 1985
    Parking spots: 2
    Days on market: 84
  13. 4 beds, 3 full, 1 part baths
    Lot size: 13,707 sqft
    Year built: 2005
    Parking spots: 2
    Days on market: 90
  14. 4 beds, 2 full, 1 part baths
    Home size: 2,700 sq ft
    Lot size: 21,895 sqft
    Year built: 1967
    Parking spots: 2
    Days on market: 98
  15. 4 beds, 2 full, 1 part baths
    Lot size: 8,007 sqft
    Year built: 1980
    Parking spots: 1
    Days on market: 101
  16. 3 beds, 2 full, 1 part baths
    Home size: 1,286 sq ft
    Year built: 1975
    Parking spots: 1
    Days on market: 125
  17. 2 beds, 2 full baths
    Lot size: 3,009 sqft
    Year built: 1954
    Days on market: 134
  18. 3 beds, 2 full baths
    Home size: 2,259 sq ft
    Lot size: 12,880 sqft
    Year built: 1959
    Days on market: 272

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

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The multiple listing data appearing on this website, or contained in reports produced therefrom, comes in part from Metropolitan Regional Information Systems ("MRIS"). The information provided is for the viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All real estate listings include detailed information about them that includes the name of the listing brokers and therefore may reference real estate listing(s) held by a brokerage other than the broker and/or agent who owns this web site.

All listing data, including, but not limited to, square footage and lot size is believed to be accurate, but the listing agent, listing broker and respective Multiple Listing Services and their affiliates do not warrant or guarantee such accuracy. Therefore, all data should be personally verified through personal inspection by and/or with the appropriate professionals. Listing data last updated 4/22/14 4:41 PM PDT.

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