BofA Halts Foreclosures & REO Sales
By Gayla Worrell, Real Estate Webworks
(Windermere Real Estate/Everett, Inc.)
In a statement released Friday, Bank of America said it will stop foreclosure sales until “our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.” Where as several other financial institutions have halted foreclosure proceedings in many states due to the paperwork debacle, BoA is halting proceedings in all 50 states and is also halting the sales of foreclosed inventory that is currently listed. There is speculation that other banks may follow suit. So what's the impact? According to msnbc.com the BofA halts will go into effect on Saturday. Without knowing exactl...
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