Tags: mortgages, distress sales, reos, foreclosures, banks, distressed
Bank of America announced this week that they were freezing all their foreclosure processes until all the foreclosure documentation had been reviewed.
In its most recent report to shareholders, BofA disclosed that it solf $453 million in foreclosed properties during the second quarter of 2010. It still has an inventory (REO's) of $1,740 million worth of foreclosed homes it needs to dispose of.
Bank of America is the fourth lender that has temporarily halted foreclosures pending review of their documentation. The government is increasingly concerned that lienholders may not be carrying due process and correct documentation for their foreclosures, and lenders like BofA want to make sure they are.
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