BofA halts US foreclosure sales

TRD MIAMI /
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
Lord Balfour Hotel

Mezz lender forecloses on Ocean Drive hotel in South Beach

Mezz lender forecloses on Ocean Drive hotel in South Beach
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)

Madison Realty closes on Costa Hollywood Beach condos for $43M

Madison Realty closes on Costa Hollywood Beach condos for $43M
3601 North Miami Avenue with Francisco Arocha

Midtown Miami development site in foreclosure hits the market

Midtown Miami development site in foreclosure hits the market
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

Florida allows eviction moratorium to expire

Florida allows eviction moratorium to expire
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)

Miami developer Metronomic files for bankruptcy

Miami developer Metronomic files for bankruptcy
Susan Gale and Variety Miami Beach

Miami Beach hotel facing foreclosure hits market for $37M

Miami Beach hotel facing foreclosure hits market for $37M
Gov. Ron DeSantis extended the moratorium on residential evictions and foreclosures in Florida to October 1st (Credit: iStock)

Florida extends evictions and foreclosures ban to October

Florida extends evictions and foreclosures ban to October
David Edelstein, George Gleason and 918-920 Lincoln Road (Google Maps)

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...