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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, 1 full bath
    Home size: 1,255 sq ft
    Lot size: 11,000 sqft
    Year built: 1940
    Days on market: 11
  2. 3 beds, 1 full bath
    Home size: 1,231 sq ft
    Lot size: 7,405 sqft
    Year built: 1950
    Days on market: 12
  3. 5 beds, 6 full baths
    Lot size: 10,663 sqft
    Year built: 2007
    Parking spots: 4
    Days on market: 13
  4. 5 beds, 3 full, 1 half baths
    Home size: 4,165 sq ft
    Lot size: 11,658 sqft
    Year built: 1992
    Parking spots: 2
    Days on market: 18
  5. 3 beds, 2 full, 1 half baths
    Home size: 1,548 sq ft
    Lot size: 11,960 sqft
    Year built: 1961
    Days on market: 21
  6. 6 beds, 6 full, 5 half baths
    Home size: 12,260 sq ft
    Lot size: 2.46 ac
    Year built: 2005
    Parking spots: 4
    Days on market: 23
  7. 4 beds, 3 full baths
    Home size: 1,761 sq ft
    Lot size: 1.17 ac
    Year built: 1965
    Parking spots: 2
    Days on market: 30
  8. 4 beds, 2 full, 1 half baths
    Home size: 3,049 sq ft
    Lot size: 14,294 sqft
    Year built: 1981
    Parking spots: 2
    Days on market: 31
  9. 4 beds, 4 full, 1 half baths
    Home size: 4,568 sq ft
    Lot size: 29,429 sqft
    Year built: 1990
    Parking spots: 2
    Days on market: 32
  10. 3 beds, 2 full baths
    Lot size: 12,200 sqft
    Year built: 1961
    Days on market: 46
  11. 2 beds, 3 full baths
    Home size: 1,520 sq ft
    Year built: 1984
    Days on market: 53
  12. 3 beds, 2 full, 2 half baths
    Home size: 1,990 sq ft
    Lot size: 11,518 sqft
    Year built: 1978
    Parking spots: 2
    Days on market: 54
  13. 4 beds, 3 full, 1 half baths
    Lot size: 27,842 sqft
    Year built: 1993
    Parking spots: 2
    Days on market: 56
  14. 5 beds, 5 full, 2 half baths
    Home size: 7,354 sq ft
    Lot size: 3.30 ac
    Year built: 2005
    Parking spots: 3
    Days on market: 59
  15. 4 beds, 3 full, 1 half baths
    Lot size: 24,404 sqft
    Year built: 1979
    Parking spots: 2
    Days on market: 69
  16. 4 beds, 4 full, 1 half baths
    Home size: 5,642 sq ft
    Lot size: 5.22 ac
    Year built: 1995
    Parking spots: 3
    Days on market: 91
  17. 6 beds, 4 full, 1 half baths
    Lot size: 7,759 sqft
    Year built: 2004
    Parking spots: 2
    Days on market: 116
  18. 4 beds, 3 full baths
    Home size: 2,673 sq ft
    Lot size: 13,616 sqft
    Year built: 1970
    Parking spots: 2
    Days on market: 117
  19. 6 beds, 6 full, 3 half baths
    Home size: 8,986 sq ft
    Lot size: 5.63 ac
    Year built: 2005
    Parking spots: 3
    Days on market: 128
  20. 3 beds, 2 full baths
    Lot size: 12,690 sqft
    Year built: 1949
    Days on market: 164

See all Fairfax County Foreclosure Homes (Single Family).
(all data current as of 4/23/2017)

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

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