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UPDATE: Hope for Prescott House?

A new bank now holds the mortgage and has announced plans to foreclose on the Prescott property as owner faces bankruptcy.

Bank of America no longer holds the reverse mortgage on the derelict property located at 9300 Prescott Ave., and the new bank Reverse Mortgage Solutions, Inc., has indicated to city staff that they plan to research foreclosure options on the property.

The news was announced by Manassas City Manager John Budesky at the city's last council meeting held on July 23. Since then, the owner of the property, Dorothy Feaganes, of Alexandria, has filed for bankruptcy.

Despite the recent developments, the city's position is to that gave the owner of the house one last chance to replace, repair or demolish the structure within 90 days, or the city could exercise its right to have it demolished.

As a result, the city has proceeded with an asbestos inspection/abatement and is in the process of preparing bids for demolition to be brought before city council after the August recess.

"In each step that the city has taken, staff has communicated with owner of the property," Manassas Mayor Harry J. Parrish ll said. "I think it's important to do that."

Budesky said the city is also in communication with the new bank and will now need to work with the court system, pending an action on the bankruptcy filing by the family. 

He also said should the property remain in a foreclosure status, the city will consider means available to possibly preserve the property.

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TRC August 07, 2012 at 11:59 AM
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