Bank of America delays foreclosure in 23 states
October 3rd, 2010 - 8:22 pm ICT by Aishwarya BhattOct 3 (THAINDIAN NEWS) The Bank of America has announced that it is delaying foreclosures in 23 States in the United States to examine whether it rushed the process for thousands of homeowners in the affected States. The bank says it will determine whether it proceeded with the process without going through the documents associated with them.
Employees of several American banks and mortgage companies went ahead and signed documents in foreclosure cases without checking the information in them and it seems employers of America’s biggest bank were also doing just that.
The bank currently cannot put an estimate on how many cases of foreclosures will be affected but a spokesman for the bank, Dan Frahm says the bank plans to resubmit the corrected documentary within several weeks. Two other financial giants, GMAC Mortgage of Ally Financial Inc and JPMorgan Chase have all recently halted several thousands of foreclosures because of similar problem with document verification.
Thousands of homeowners can contest impending foreclosures or even completed once because of the problem with the document verification. However analysts believe that nonetheless most homeowners facing foreclosures will eventually end up losing their homes, though litigation can drag the process for a long time.
- Delaware Attorney General Biden calls on BoA, JP Morgan Chase and Ally Financial to halt foreclosures - Oct 06, 2010
- Bank of America Resumes Foreclosure - Oct 19, 2010
- Wells Fargo used robo-signers for foreclosures - Oct 16, 2010
- Illegal foreclosures still on - Oct 01, 2010
- In Excess Of 40 pct. Of American Homemakers Leave the Mortgage Aid Program - Jul 21, 2010
- Spanish government prods banks to modify mortgages - Mar 11, 2012
- Californians warned to beware of forensic loan audit scams - Feb 23, 2010
- Bank of America settles lawsuit with US Dept of Justice - May 30, 2011
- US sues financial firms over mortgage losses - Sep 03, 2011
- Bank of America to resume foreclosures from the 25th of October - Oct 19, 2010
- Behind the Numbers:Banks Repossess 1Million US Homes in 2010 - Jan 13, 2011
- Claims of Illegal Foreclosures Causes Investigation and Freeze - Oct 01, 2010
- 40% people leave Barack Obama's mortgage aid program - Jul 21, 2010
- JPMorgan Chase earnings miss Wall Street expectations - Jan 14, 2012
- More Than 40 Percent Drops Obama Mortgage-Aid Program - Jul 21, 2010
Tags: ally, american banks, bank of america, document verification, documentary, financial giants, foreclosure cases, foreclosures, frahm, gmac mortgage, jpmorgan chase, litigation, long time, mortgage companies, spokesman, united states