Bank of America Cuts Back Nationwide Foreclosure Stoppage
Bank of America Cuts
Back Nationwide Foreclosure Stoppage
Bank of America announced Monday that it was ending a moratorium on foreclosures much sooner than insiders had thought. The bank announced they would resume foreclosures as normal in the 23 state where court approval is required for bank seizures. The decision affects approximately 102,000 mortages.
While the bank claims to have found no evidence of improperly processed documents, it would keep the moratorium in place in the 27 states that do not require lenders to get court approval for seizures, as the bank continues to investigate its own foreclosure practices.
While JPMorgan Chase, GMAS, and other large loan servicers have instituted similar moratoriums, BoA was the only one to enact the ban in all 50 states, and, as the largest bank in the country, BoA is closely monitored by the rest of the banking industry.
Reports have surfaced in recent weeks that a number of mortgage servicers had employed questionable practices in reference to foreclosure proceedings, such as having so-called robo-signers sign thousands of documents per month without properly reviewing their contents. Last Wednesday, prosecutors from all 50 states announced a joint investigation into the matter as the political furor over the issue increased.
“As was the case for our judicial state review, our initial assessment findings show the basis for our foreclosure decisions is accurate,” BoA officials said in a statement. “Our decision to review our process and later, to extend our review to all 50 states, has been an important step to give customers confidence they are being treated fairly.”
Bank of America announced Monday that it was ending a moratorium on foreclosures much sooner than insiders had thought. The bank announced they would resume foreclosures as normal in the 23 state where court approval is required for bank seizures. The decision affects approximately 102,000 mortages.
While the bank claims to have found no evidence of improperly processed documents, it would keep the moratorium in place in the 27 states that do not require lenders to get court approval for seizures, as the bank continues to investigate its own foreclosure practices.
While JPMorgan Chase, GMAS, and other large loan servicers have instituted similar moratoriums, BoA was the only one to enact the ban in all 50 states, and, as the largest bank in the country, BoA is closely monitored by the rest of the banking industry.
Reports have surfaced in recent weeks that a number of mortgage servicers had employed questionable practices in reference to foreclosure proceedings, such as having so-called robo-signers sign thousands of documents per month without properly reviewing their contents. Last Wednesday, prosecutors from all 50 states announced a joint investigation into the matter as the political furor over the issue increased.
“As was the case for our judicial state review, our initial assessment findings show the basis for our foreclosure decisions is accurate,” BoA officials said in a statement. “Our decision to review our process and later, to extend our review to all 50 states, has been an important step to give customers confidence they are being treated fairly.”
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