Source Pravda.Ru

Bank of America ends freeze on foreclosures in 23 states earlier than expected

42040.jpegBank of America Corp. ended its freeze on foreclosures in 23 states earlier than some analysts had expected, but it is still reviewing its actions in California and 26 other states to make sure its attempts to seize homes complied with the states' laws.

BofA, the largest mortgage servicer and only major bank to impose a nationwide foreclosure moratorium, said it would begin asking judges in the 23 states for approval to seize a total of about 102,000 homes beginning Oct. 25, Los Angeles Times reports.

The bank said it will continue to freeze foreclosure sales and review files in the District of Columbia and the other 27 states, including Maryland and Virginia, which do not require a judge's action. Reviewing its process in those jurisdictions will take several more weeks, the bank said in a statement.

But it is unclear whether the courts will accept the new paperwork. Some judges have said in interviews that they are considering throwing out entire cases and making the banks file new ones, which would be costly.

"The companies are overstating the ease of withdrawing these affidavits and then resubmitting them," said Judge Lynn Tepper of Florida's 6th Circuit Court, Washington Post reports.

 

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