The Real Deal Miami

Bank of America slows foreclosures

October 04, 2010 11:15AM

A home listed for short sale

Amid another wrinkle in the foreclosure crisis, Bank of America said
late Friday it was delaying foreclosures in 23 states, becoming the
third major bank to acknowledge problems with documentation problems. JPMorgan announced
a similar move
last week.
The bank, which is one of Florida’s biggest mortgage lenders, did not
estimate how many Florida cases would be affected. The new problems have
become a major issue, concerning executives, lawyers and lenders. The
only benefit would be a short-term one for homeowners, who would likely
be able to stay longer in their homes. [Sun