Bank of America recently issued a halt on their foreclosures suspending foreclosures in parts or all of the country because of sloppy paperwork and improper oversight of the avalanche of loans that went bad.
However, a recent press release was issued stating Bank of America will be lifting this moratorium as soon as next week. Per Washington (AP) …Bank of America said Monday that next week it plans to resume seizing more than 100,000 homes in 23 states…
… analysts expect this move by Bank of America, the nation’s biggest bank, will give way to an industry-wide effort to push ahead with a wave of bank foreclosure properties that have depressed the housing market. Banking analyst Nancy Bush of NAB Research said that other lenders are likely to follow suit. She states,”We’ll be back to square one by the end of the year.”
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