Are banks allowed to profit off of the sale of foreclosed property?

A question that can cause a fiery debate but it only leaves one correct answer.

Once a bank forecloses on a property and was able to sell the property for more than the loan owed, the profit is readily handed over to the defaulted owner. Then again, the certain fees or expenses of the bank would have to be collected as well. So the loan and fees would be collected and remaining amount returned to the owner. Some would be:
  • Late Fees
  • Back Payments
  • Attorney Fees
  • Trustee Fees
  • Sign Fees
  • Closing Fees
  • Newspaper Publication Fees
  • Escrow Issues
  • Realtor Commissions
  • Back and Current Taxes
  • Back and Current HOA
  • Clean Out and Repair Fees
Therefore to conclude, if the property actually cost more than the loan, owners wouldn’t be allowing banks foreclose on their property. They would be selling it to save their credit.

Banks just don’t profit on foreclosures.

Virginia Hospital Center in Arlington

Virginia Hospital Center has the ONLY Lung Center in Northern Virginia

Virginia Hospital Center 1701 N. George Mason Drive Arlington VA 22205. Administrative phone number 703.558.5000 For emergencies call 911 Located at 1701 N. George Mason Drive in Arlington VA 22205, Virginia Hospital Center provides:
  • Comprehensive healthcare
  • Cardiology & Cardiovascular Surgery
  • Oncology
  • Neuroscience
  • Urology
  • Women & Infant Health
  • Lung Cancer Center
  • Colorectal Surgery and more.
Virginia Hospital Center is also a teaching hospital associated with Georgetown University’s School of Medicine. Accredited by the Joint Commission on Accreditation of Healthcare Organizations and licensed by the Commonwealth of Virginia Department of Health.

Washington Square convenient for nearby Old Town condos

This 235000 square foot Class A office and retail complex in a 2 acre site, Washington Square is a convenient business and shopping center along Alexandria’s main street and North Washington Street in Old Town Alexandria. Featuring twin 4 story buildings designed with brick and cast stone exterior along with glass walls overlooking a grand courtyard. Tenants are attracted to the 3 story atrium lobbies, fitness center, concierge service, 600 space parking and computerized energy management system.
Washington Square
Washington Square in Old Town Alexandria VA
Washington Square serves: Residents from Alexandria, Crystal City and Fairfax County patronize Washington Square because of Trader Joe which can be found in the complex of  Old Town Alexandria Other Washington Square tenants:
  • Talbots
  • FedEx
  • Kinko’s
  • Starbucks Coffee
  • Chevy Chase Bank.

American Bald Eagle watching at Mason Neck State Park VA

Boat launch at Mason Neck
With Pohick Bay along the north, Belmont Bay along the south and the Potomac River on the east, Mason Neck State Park is the migrating and non migrating birds, ducks and swans refuge. Several hundreds of acres of forests provide homes to oaks, holly, hickory, and the like along with wetlands. A wide variety of programs and activities are held here.
Foxy on boardwalk
Foxy on boardwalk at Mason Neck
Features:
  • Hiking and Biking Trails
  • Picnic Area
  • Playground
  • Canoe Launch / Boating
  • Visitor Center / Gift Shop
  • Fishing
  • Hunting
  • Educational Programs for kids
  • Experimental Studies for adults
    paddleboats
    Paddleboats at Mason Neck
The Nature Conservancy bought the land and connected with a National Wildlife Refuge of over 2000 acres. Mason Neck State Park opened to the public in April 1985. Mason Neck State Park is located in the southern part of Fairfax County which is 20 miles from Washington DC. Nearby attractions include:
  • Mount Vernon
  • Pohick Bay Regional Park
  • Woodlawn Plantation
  • Gunston Hall
For more information please contact: Mason Neck State Park 7301 High Point Road
dock
Potomac at Mason Neck
Lorton, VA 22079 Information: (703) 339-2385 Office: (703) 339-2384 Visitor Center: (703) 339-2380 Fax: (703) 339-2617
Will Nesbitt
Will Nesbitt enjoying a summer day at Mason Neck
  • Are You Seeking A 5 Bedroom Detached Home For Approximately $1,450,000?

    If you need more details, Will Nesbitt can show you exactly what $1,450,000 can buy you in 22207 today. If you are seeking a mid 20th-century 5 bedroom detached home for approximately $1,450,000, your choices might be limited right now. 2407 N Rockingham St might be the best selection for you, but we have various…

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  • 2407 N Rockingham St Is A 5 BR Home In The Neighborhood Of A Metro

    I am a veritable sage on luxury homes around East Falls Church Metro Station in 22207 . This slate of homes starts with a 1,900 sqft. detached home with 3 full baths and 0 half baths.

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  • Have you visited Fort Ward Museum and Historic Site?

    Fort Ward Park
    Fort Ward is the best preserved of the system of Union forts and batteries built to protect Washington, DC during the American Civil War (1861-1865).

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  • FROGS: History of Green Spring Gardens

    FROGS (Friends of Green Spring) is dedicated solely to the support of Green Spring Gardens, a unique Fairfax County (Virginia) Park Authority site.  A gem of a public garden and historic site, the garden's 31 acres offer a multitude of settings, features, and programs to inspire and educate gardeners, provide a place for quiet contemplation for…

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  • Residents Protest Fairfax County Gun Ban

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Northern Virginia Regional Parks – Fountainhead Regional Park

rowing
Rowing the boat at Fountainhead
Fountainhead Regional Park is a part of the Northern Virginia Regional Parks system offering a wide range of activities: Boat Ramp Fees vary accordingly from the shore, from the ramp and for 55 years of age and above. A maximum 10 horsepower gasoline engine restriction is enforced on the Occoquan Reservoir. Boat Rentals Rentals are available for 3person Jon Boat, 4person Jon Boat, Canoe or Kayak Equestrian Trails Equestrian Trails are maintained by the Clifton Horse Society. An Equestrian Trail Map and guide will be provided. Hiking Trails
water at Fountainhead
on the lake
Trails offered: An 8 mile Mountain Bike Trail, White Trail which is a 2 mile Pedestrian Trail and the Trailhead for the 17.5 mile Bull Run Occoquan Trail Miniature Golf Fun and relaxing before or after fishing / boating experience. This 18-hole miniature golf is only $2.00 for unlimited play. Open daily in summer and in weekends in spring and fall. Mountain Biking For those wanting to try the 8.0 mile full circuit. Shelter Rental A rental picnic shelter is offered for families, friends and coworkers who wish to go on a picnic at Fountainhead. Tables and Grills are already included but alcoholic beverages are not permitted. Open for rent at 3 options of: 9 AM to 3 PM, 3:30 PM to Sunset or All Day Long.
Foxy in the boat at Fountainhead
Foxy had a good time at Fountainhead
Snack Bar A snack Bar is located in Marina Building at its observation deck providing a breath taking view of the Occoquan Reservoir while feasting on a variety of sandwiches, snacks and beverages. Tackle Shop Bait, lures to angling licenses are available at the tackle shop on the observation deck. Rest Rooms are also provided here. Expert Fountainhead guides offer ecological tours and fun paddling adventures for participants’ ages 12 years and above. Bass Tournament is also offered for angling largemouth bas s, catfish, crappie, perch and bluegill. Fountainhead Regional Park Schedule is as follows:
March 1 - March 19 Open for Private Boat Launch Only
March 20 - March 31 Open weekends for rentals - 8 hours per day
April 1 - October 31 Open daily
November 1 - November 14 Open weekends for rentals - 8 hours per day
November 15 - November 30 Open for Private Boat Launch Only
For more information contact: Fountainhead Regional Park 703-250-9124 10875 Hampton Road, Fairfax Station

Home Prices Continue Gains Over 2009

U.S. home prices, including distressed sales, increased by 2.9 percent compared to the same month last year, according to CoreLogic in its monthly index. May was the fourth straight month prices showed a year-over-year increase. "Home price appreciation stabilized as home buyer tax credit-driven sales peaked in late spring," says Mark Fleming, chief economist for CoreLogic. "But given that the labor market and income growth remain tepid, we expect prices to moderate and possibly decline the rest of the year." Source: CoreLogic (07/13/2010)
  • Julie Nesbitt

    Julie Nesbitt
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  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000

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  • Good Shepherd Housing and Family Services

    Fairfax County
    Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…

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More Homes Accommodate Multi-Generations

Building and modifying homes to accommodate multiple generations is increasingly popular as more Americans struggle to accommodate both their older parents and their grown children under the same roof. The National Association of Home Builders’ International Builders Show this year featured a single-level residence with a master suite at each end. "The grandparents' suite included universal design elements along with a small kitchenette," says Stephen Melman, director of economic services at the NAHB. "The concept for this home was that the parents could get help with their kids from the grandparents, while the grandparents benefited by having household maintenance chores and meals taken care of for them.” Melman said that it is difficult to predict whether this trend will diminish when the economy improves, but he pointed to the growing number of ethnic groups where multi-generational living is expected as a sign that the trend may stick. Source: Washington Times, Michele Lerner (07/09/2010)

Wegmans Fairfax and Wegmans Potomac – Every Shoppers’ Bestfriend

Awarded by Fortune magazine’s “100 Best Companies to Work For.” Wegmans ranked 5th, 2nd and even 1st from 1999 till 2010. They were also awarded with the prestigious Black Pearl award, Golden Shopping Cart Award and was named “Most Family Friendly Supermarket in America” by Child Magazine and President George Bush presented the Work-Scholarship Connection with the Grand Prize American Business Press Points of Light Award in 1991. Wegmans officially opened in 1916 as a small food business by Robert B Wegman (1918-2006) and then joined forces with his brother Walter Wegman later on, moving forward to expand business. As years went by, good business flooded the Wegmans and they reached out to the community by providing not only superb convenience but programs to help shoppers and their families, such as discount cards, recycling, food programs, scholarships and the like. In 2005, Wegmans Fairfax was opened to serve the nearby communities. Wegmans Fairfax can be located at 11620 Monument Drive in Fairfax Virginia 22030 near Lee Highway. They are open 7 days a week from 6 am to midnight, as well as Wegmans Potomac at 14801 Dining Way in Woodbridge Virginia 22191. Departments and Services that can be found in Wegmans Fairfax and Wegmans Potomac are:
  • Market Café
  • Kosher Deli
  • Sub Shop
  • Nature’s Marketplace
  • Beer
  • Patisserie
  • Pharmacy
  • Wine & Spirits Shop
  • Wokery
  • Bakery
  • Complements
  • Floral
  • Sushi Bar
  • Catering
  • Wi – Fi Internet Access
  • Coin Redemption Self Service
  • Money Gram / Money Orders
For more information about Wegmans contact Wegmans Fairfax at (703) 653-1600 and Wegmans Potomac at (703) 763-5500. Or check their site www.wegmans.com

Home Owners Still Love Their Houses

Despite declining home prices, 90 percent of Americans don’t regret buying their current home, according to a survey for Bankrate.com. Among the 9 percent who do regret the purchase, most say they are unhappy that they can’t sell their home and move elsewhere or they can’t afford their monthly mortgage. Some 79 percent of those polled say they have a fixed-rate mortgage on their homes. Among those making over $75,000 per year, 90 percent say they have a fixed rate mortgage. Source: Bankrate.com (07/12/2010)
  • Julie Nesbitt

    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

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  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

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  • Don’t take chances with real estate.