BofA halts US foreclosure sales

TRD New York /
Oct.October 08, 2010 03:00 PM

Bank of America is stopping all foreclosure sales and proceedings in all 50 states, it said today, though it’s unclear how this action will impact homeowners who are currently negotiating with their lender, Crain’s reported, though experts told CNBC, in the video above, that it’s bad news for the housing market. The Charlotte, N.C.-based bank — the largest in the country — decided to halt foreclosures, following JPMorgan Chase and GMAC Mortgage’s freezing of foreclosures last week to examine what it has been shown to be a flawed process for documenting and filing foreclosures. “We will stop foreclosure sales until our assessment has been satisfactorily completed,” BofA said in a statement. The halt in foreclosures comes amid reports that banks have used so-called “robo-signers” to sign hundreds of documents and affidavits used to foreclose on a home without reviewing them. In New York, where foreclosures need to be approved by a judge, these documents are crucial because most properties have securitized loans with multiple stakeholders. [Crain’s]
 

Related Articles

arrow_forward_ios
The bank is accused of systematically trying to foreclose on mortgages after the state’s six-year statute of limitations had passed. (Credit: iStock)

BNY Mellon faces suit over foreclosures from the housing crash

Nationwide foreclosures are at a 15-year low (Credit: iStock)

Foreclosures nationwide fell to 15-year low in 2019

Seattle, Washington (Credit: iStock)

Good luck buying an affordable home in these US cities

They’re just like us! “Billionaire” manse buyer takes out $58M mortgage

They’re just like us! “Billionaire” manse buyer takes out $58M mortgage

Clockwise from left: Kings Plaza Shopping Center in Brooklyn, 45-18 Court Square  in Long Island City with GFP's Eric Gural, and 150-13 89th Avenue in Jamaica 

Brooklyn mall’s $487M tops outer-borough loan list

Buyer sentiment was strong at the close of 2019 (Credit: iStock)

Home buyers start 2020 with drop in mortgage rates

(Credit: Getty Images, iStock)

Small Talk: Real Estate Predictions for 2020

494 Broadway and Thor Equities' Joe Sitt (Credit: Google Maps)

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”

arrow_forward_ios
Loading...