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Bank of America Resumes Foreclosures

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Bank of America has decided to resume foreclosures after announcing a voluntary nationwide moratorium earlier this month.

The company, which halted foreclosure proceedings amid allegations it used robosigners to carry out scores of foreclosures, anticipates that by October 25 it will resume foreclosure sales in the 23 judicial states.

“We have reviewed our process for resubmission of foreclosure affidavits in the 23 judicial states with key stakeholders, including our largest investors,” the Charlotte-based bank said in a press release.

“Accordingly, Bank of America today began the process of preparing foreclosure affidavits for submission in 102,000 foreclosure actions in which judgment is pending.”

The bank and mortgage lender will continue to delay foreclosure sales in the remaining 27 states until its review is complete, and expects fewer than 30,000 foreclosure sales to be delayed as a result of this pause.

“As was the case for our judicial state review, our initial assessment findings show the basis for our foreclosure decisions is accurate.”

Bank of America had halted foreclosure sales in all 50 states pending review of its processes.

GMAC Foreclosures to Go Ahead

A week ago, GMAC Mortgage said it was reviewing cases involving judicial affidavits in 23 states and said it would resume the foreclosure process when appropriate.

The company, which previously halted foreclosure sales, said in a statement that it has found no evidence to date of any inappropriate foreclosures.

Could this be the end of foreclosure-gate already?

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