Bank of America to Resume Foreclosures in 23 States by Next Week
Bank of America Corp., which imposed a 50-state foreclosure moratorium earlier this month, announced Monday that it will resume foreclosures in the 23 states in which it needs court approval to proceed.
The decision affects 102,000 mortgages, the Wall Street Journal reported. Bank of America expects new affidavits to be submitted by Monday, Oct. 25.
A Bank of America spokesman told the Wall Street Journal that they have so far found no cases of foreclosures that shouldn’t have gone through.
ABAJournal.com noted earlier that Ally Financial Inc.’s GMAC Mortgage froze foreclosures in 23 states, and JPMorgan Chase shut down 56,000 foreclosures after they, like Bank of America, acknowledged that some employees may have signed off on foreclosure documents without properly reviewing them. Bank of America was the only one to halt its foreclosures in all 50 states.