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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, 2 full, 1 part baths
    Lot size: 2.68 ac
    Year built: 1930
    Days on market: 3
  2. 4 beds, 2 full, 1 part baths
    Home size: 2,013 sq ft
    Lot size: 13,896 sqft
    Year built: 1965
    Parking spots: 1
    Days on market: 4
  3. 4 beds, 3 full, 1 part baths
    Lot size: 8,800 sqft
    Year built: 1984
    Parking spots: 1
    Days on market: 7
  4. 3 beds, 1 full, 1 part baths
    Home size: 1,204 sq ft
    Lot size: 11,340 sqft
    Year built: 1956
    Parking spots: 1
    Days on market: 8
  5. 3 beds, 3 full baths
    Lot size: 28,532 sqft
    Year built: 1955
    Days on market: 10
  6. 5 beds, 2 full baths
    Home size: 1,266 sq ft
    Lot size: 10,890 sqft
    Year built: 1956
    Days on market: 17
  7. 7 beds, 7 full baths
    Lot size: 36,546 sqft
    Year built: 2006
    Parking spots: 3
    Days on market: 20
  8. 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: 21
  9. 2 beds, 1 full bath
    Home size: 876 sq ft
    Lot size: 7,500 sqft
    Year built: 1925
    Days on market: 23
  10. 4 beds, 2 full, 1 part baths
    Lot size: 2.62 ac
    Year built: 1974
    Parking spots: 2
    Days on market: 27
  11. 4 beds, 3 full baths
    Home size: 2,864 sq ft
    Lot size: 14,232 sqft
    Year built: 1956
    Days on market: 35
  12. 3 beds, 2 full baths
    Home size: 1,774 sq ft
    Lot size: 18,185 sqft
    Year built: 1947
    Days on market: 35
  13. 3 beds, 2 full baths
    Lot size: 21,780 sqft
    Year built: 1960
    Days on market: 35
  14. 6 beds, 4 full, 1 part baths
    Lot size: 19,762 sqft
    Year built: 1972
    Parking spots: 2
    Days on market: 35
  15. 3 beds, 2 full baths
    Home size: 1,273 sq ft
    Lot size: 15,669 sqft
    Year built: 1957
    Parking spots: 1
    Days on market: 42
  16. 6 beds, 3 full, 2 part baths
    Home size: 2,917 sq ft
    Lot size: 8,482 sqft
    Year built: 1957
    Days on market: 43
  17. 6 beds, 6 full, 5 part baths
    Lot size: 2.46 ac
    Year built: 2005
    Parking spots: 4
    Days on market: 56
  18. 4 beds, 3 full, 1 part baths
    Home size: 4,345 sq ft
    Lot size: 8,621 sqft
    Year built: 1993
    Parking spots: 2
    Days on market: 57
  19. 2 beds, 1 full bath
    Lot size: 23,020 sqft
    Year built: 1955
    Days on market: 58
  20. 5 beds, 3 full, 1 part baths
    Home size: 2,864 sq ft
    Lot size: 6,098 sqft
    Year built: 2000
    Parking spots: 2
    Days on market: 58
  21. 4 beds, 2 full baths
    Home size: 1,494 sq ft
    Lot size: 11,266 sqft
    Year built: 1986
    Parking spots: 1
    Days on market: 66
  22. 4 beds, 2 full, 1 part baths
    Lot size: 12,632 sqft
    Year built: 1979
    Parking spots: 2
    Days on market: 72
  23. 4 beds, 3 full, 1 part baths
    Lot size: 6,500 sqft
    Year built: 2004
    Days on market: 101
  24. 5 beds, 3 full, 1 part baths
    Home size: 2,272 sq ft
    Lot size: 12,486 sqft
    Year built: 1971
    Parking spots: 1
    Days on market: 104
  25. 3 beds, 1 full, 1 part baths
    Lot size: 14,993 sqft
    Year built: 1954
    Days on market: 110

See all Fairfax County Foreclosure Homes (Single Family).
(all data current as of 5/22/2015)

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

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