Bank of America Resumes Foreclosures

October 19, 2010 by  
Filed under Short Sale/Loan Modification Blog

Bank of America Resumes Foreclosures

On Monday, Bank of America stated that, after having reviewed 102,000 foreclosures in 23 states where courts must sign off on proceedings, they are now resuming the process on said cases.

B of A stated that the first of the new affidavits are scheduled to be submitted by October 25, 2010, and will continue reviewing in 27 other states soon after. According to a B of A spokeswoman, no errors were found during their review, and less than 30,000 foreclosure sales across all 50 states will be delayed as result of the investigation. The announcement came one day before the banks third quarter earnings report, the news sending B of A’s shares up 36 cents to $12.34 or 3.01%. B of A stated that the review process, “has been an important step to give customers confidence they are being treated fairly.”State Attorneys General have stepped up pressure on banks recently after it was revealed that some bank employees had signed foreclosure affidavits without verifying that the documents were accurate, also known as “Robo-signing”.

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October 1st was the initial launch of review for B of A, and October 18th is said to be the day the bank will expand its document probe to all 50 states. The bank says that their initial assessments in the remaining 27 states show that the basis for their foreclosure decisions were indeed accurate.

So far at least five other major mortgage servicers have announced their own document review process. 1.8 million Loans are in foreclosure in the 23 judicial states, while 1.3 million are pending in other parts of the country, according to a Morgan Stanley analyst report.

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