Bank of America to resume foreclosures in 23 states

BoA announced last week that it plans to continue home foreclosures in 23 states after halting the process to review its procedures and paperwork, The New York Times reported. The move is expected to encourage other lenders to resume the foreclosure process as well.
By Todd Loesch, Housing Zone Contributing Editor | October 20, 2010

 

Bank of America announced on Monday that it plans to continue home foreclosures in 23 states after halting the process to review its procedures and paperwork, The New York Times reported. The move is expected to encourage other lenders to resume the foreclosure process as well.

Bank of America, which is the servicer of nearly one-fifth of all American mortgages, said it has not found a single instance where a foreclosure was brought in error. The lender plans to begin filing paperwork for 102,000 mortgages on Monday.

The suspension will remain in place in the 27 other states that do not require a judge’s foreclosure approval.

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