UPDATED to include PNC Financial’s reported foreclosure freeze and impending joint investigation of 40 states into servicers’ foreclosure procedures.
The nation’s largest mortgage lender, Bank of America announced Friday that it is expanding its foreclosure moratorium from 23 states, as announced by the bank last week, to include all 50 states.
The company explained in a statement, “Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed.”
The company added, “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.”
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
BofA called for a halt on foreclosures in certain states when evidence surfaced that its internal staff may not have followed the letter of the law in reviewing and processing case paperwork.
Such actions were spelled out in black and white when the Associated Press uncovered court documents with testimony from one of BofA’s top executives at a bankruptcy hearing in February. The exec admitted that she signed off on 7,000 to 8,000 foreclosure documents a month without even reading them or verifying their legitimacy.
Incidences of so-called “robo-signers” that have been blindly rubber-stamping approvals of foreclosure actions because of the sheer volume of cases landing on their desks has led to foreclosure suspensions by now, three other big lenders – and some in the industry warn that the problem could be even more widespread.
On September 20th, GMAC Mortgage was the first to halt foreclosures in 23 judicial states due to what it called an “internal procedural error.” JPMorgan Chase followed suit on September 30th. PNC Financial reportedly notified its industry partners that it is suspending foreclosures for 30 days in the judicial states while it reviews servicing procedures.
Consumer advocacy groups, state attorneys general, and federal lawmakers are all calling for a nationwide foreclosure freeze until the banks can clear up the paperwork issues in question.
“I thank Bank of America for doing the right thing by suspending actions on foreclosures while this investigation runs its course, It is only fair … to suspend foreclosures until a thorough review of foreclosure processes is completed and homeowners can be assured that their documents are being analyzed properly. I urge other major mortgage servicers to consider expanding the area where they have halted foreclosures to all 50 states as well.”
Members of Congress from both parties are petitioning for a federal investigation of mortgage servicers that have instituted foreclosure suspensions.
An announcement is expected to come as early as Tuesday of a joint investigation by attorney general offices in as many as 40 states. Bloomberg reports that the coordinated effort will be led by Iowa Attorney General Tom Miller.
Which way is the Real Estate Market Headed? Get a Market Snapshot of your neighborhood:
MLS Market Snapshot Has the Market Stabilized
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Ventura County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this,
Chris B Johnson.
Chris is a Real Estate Agent at Prudential Califonia Realty.
Phone: 805-208-0823. firstname.lastname@example.org.
Certified HAFA Specialist, Certified Short Sale Specialist
View My homes for sale at http://www.chrisbjohnsonrealtor.com/.
Chris B Johnson specializes in providing HAFA Loan Modification and short sales help, Short Sales in Moorpark, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Realtor, Moorpark Short Sale Realtors, Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor, Certified HAFA Specialist, Moorpark Short Sale Realtor, Thousand Oaks Short Sale Realtor, Westlake Village Short Sale Realtor, Newbury Park Short Sale Realtor, Camarillo Short Sale Realtor, Simi Valley Short Sale Realtor, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699. Chris Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor.