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EmailBank of America to resume foreclosures in 23 states
Bank of America announced on Monday that it plans to continue home foreclosures in 23 states after halting the process to review its procedures and paperwork, The New York Times reported. The move is expected to encourage other lenders to resume the foreclosure process as well.
Bank of America, which is the servicer of nearly one-fifth of all American mortgages, said it has not found a single instance where a foreclosure was brought in error. The lender plans to begin filing paperwork for 102,000 mortgages on Monday.
The suspension will remain in place in the 27 other states that do not require a judge’s foreclosure approval.
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- Bank of America moves forward with principal reduction program for 200,000 homeowners
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