Washington – Potential flaws in foreclosure documents are threatening to throw the real estate industry into a full-blown crisis, as Bank of America on Friday became the first bank to stop sales of.
WASHINGTON – Bank of America Corp., the nation’s largest bank, is stopping sales of foreclosed homes in all 50 states as it reviews potential flaws in foreclosure documents.
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Bank of America Halts Foreclosures in All 50 States from Zero Hedge : "As we expected when we reported that the Delaware AG got into the foreclosure fray (Delaware not being a judicial state), it was only a matter of time before foreclosures would be halted in all 50 states.
Charlotte, N.C.-based Bank of America Corp., the nation’s largest bank, said Friday it would stop sales of foreclosed homes in all 50 states as it reviews documents used to process foreclosures. A week earlier, the company had said it would only stop such sales in the 23 states where foreclosures must be approved by a judge.
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Bank of America has joined GMAC Mortgage and JP Morgan Chase in suspending foreclosure proceedings in 23 states where courts have jurisdiction over foreclosures, to check that it followed correct.
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Bank of America Corp (BAC.N) said on Monday it was partially lifting a self-imposed nationwide moratorium on foreclosures. The bank said it would lift the halt on foreclosure sales in the 23 U.S..
BofA halts foreclosures in 50 states.. Bank of America’s nationwide halt will apply to homes that the bank is taking back itself and those for which it has transferred the papers to mortgage.
Bank of America has announced they will be halting foreclosures in all 50 states. This follows up on reports last week they would stop them in about 25 of the 50. The problems stem from the fact.
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Bank of America is halting foreclosure proceedings in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday.