Bank of America to Resume Foreclosure Sales
Denver Real Estate News - Foreclosures
Bank of America announced earlier this week that it plans to resume seizing more than 100,000 homes in 23 states next week. This announcement comes less than a month after the bank halted its foreclosure sales amid accusations that foreclosures had not been processed properly.
On Oct. 8th, the bank, along with other major lenders, halted foreclosure sales in all 50 states following accusations that it may have used forged documents, false notarizations, and ?robo-signers, who automatically signed off on evictions without first reading the files as required. The bank claims that its review process has shown that no borrowers were wrongfully foreclosed upon, despite the paperwork errors.
The bank plans to file paperwork on Oct. 25th to resume foreclosures in the 23 states that require a judge?s approval. The bank is further delaying approximately 30,000 foreclosures in 27 other states that don't require a judge's approval, including Colorado. Bank of America representatives in those states have said that borrowers who are late on payments should expect the foreclosure process to resume as early as next month.
Bank of America is the largest bank in the U.S., and currently services or collects payments for one fifth of all U.S. mortgages. It is currently the largest mortgage firm in the state of Colorado.
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