Virginia lawmakers are fighting against “drive-by foreclosures,” saying the foreclosure process in the state is one of the fastest in the nation and needs to be slower and have judicial review.

Bills in the Virginia House and Senate will set out to slow the state’s fast foreclosure pace by increasing the time required for foreclosure notice from two weeks to 30 or 45 days. The goal is to give borrowers more time to challenge the foreclosure if needed.

“We simply don’t have enough time to stop a foreclosure because of the fact that it’s in 10 days or seven days,” Todd Condren, a title insurance lawyer from Vienna, Va., told the House Courts of Justice Committee.

The bills also set out to require lenders to face court review before foreclosing on home owners. Lenders will also be subjected to fines if it’s found that any foreclosure was based on fraudulent documents or documents that contained any errors. The proposed bills also will have a requirement that lenders maintain updated real estate loan records in county courthouses and give borrowers an opportunity to avert foreclosure by paying off any delinquency.

Virginia’s banking lobby officials argue that slowing foreclosures and requiring updated county land record filings would just prolong the already four year housing slump.

Source: “Bill Seek Judicial Review of Foreclosures in Va., Better Mortgage Ownership Records,” The Associated Press (Jan. 17, 2011)

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Will Nesbitt

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Will is the principal broker of Nesbitt Realty and Condo Alexandria. He is licensed in anywhere in the Commonwealth of Virginia, but focuses on those communities found in and around Alexandria, Arlington, Mount Vernon and Springfield/Franconia. Will has been involved in real estate management, sales and investment for more than twenty years. He is a veteran of the U.S. Army. While in the army, he studied Russian at Monterey's Defense Language Institute. He is also a "veteran of the dotcom wars" and built most of the sites associated with Will currently resides in Belle Haven Estates just outside Old Town, overlooking New Alexandria. He is a former president of the Mount Vernon Youth Athletic Association and founded the Alexandria Fun with Friends Group. Will is the author of BattlestorM, a tabletop fantasy game, which was published by Ral Partha Publishing in the late '90's, and Arthur's Realm, a boardgame available at the Gamecrafter.