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Monday
Oct182010

Bank of America to Resume Foreclosure Sales in 23 States

Photo Courtesy - Bank of America(NEW YORK) -- Bank of America plans to resubmit foreclosure affidavits in 23 states on Monday, Oct. 25.  The 50-state foreclosure freeze which began Oct. 8 will continue in 27 states until review of foreclosure files is completed on a state-by-state basis.

"We have reviewed our process for resubmission of foreclosure affidavits in the 23 judicial states with key stakeholders, including our largest investors.  Accordingly, Bank of America today began the process of preparing foreclosure affidavits for submission in 102,000 foreclosure actions in which judgment is pending,"  the financial institution said in a statement Monday.

Bank of America also anticipates that the first foreclosure affidavits will be resubmitted to the courts by Monday, Oct. 25.  Upon the courts' judgments, foreclosure dates will be set and Bank of America will resume sales of foreclosed homes in 23 states.

The mortgage lender also explained its reasoning for review of its foreclosure sales process by saying, "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."

Copyright 2010 ABC News Radio

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