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Sedat Celik's Blog

www.easternbroward.com

By flo | Agent in 33062

Bank of America freezes all foreclosures - Interesting article that you should read


Bank of America has halted all foreclosures in all 50 states, including Maryland and Virginia.

The Charlotte, N.C.-based bank froze foreclosures in 23 states Monday, and Friday said it was extending its review to all foreclosures nationwide.

“We will stop foreclosure sales until our assessment has been satisfactorily completed,” Bank of America (NYSE:BAC) said in a statement. “Our ongoing assessment shows the basis for foreclosure decisions is accurate. Providing solutions for distressed homeowners remains our primary focus.”

JPMorgan Chase (NYSE: JPM) and Ally Financial have already delayed some foreclosures.

Lenders have been accused of rushing the foreclosure process, with false or inaccurate documentation. Attorneys General in several states have launched investigations into homeowner complaints about the foreclosure process.

Washington Business Journal - by Jeff Clabaugh


Sedat Celik
Realtor

954-661-2565
sedat@celiks.com
www.easternbroward.com
www.lasolashome.com
www.fortlauderdalecoastalhome.com

Comments

By John Walin,  Fri Oct 8 2010, 09:31
i have seen local REO's pulled from the market and have a friend that said he lost 12 REO listings because of this recent development. I like selling REO's, and not sure how the latest policy will affect those other banks REO's
By flo,  Fri Oct 8 2010, 09:36
Looks like they were producing fake documents to foreclose some of the houses since they cannot locate the original documentation or they want to take a short cut. Now, they are in big trouble. This is what happens when you let bankers to handle the real estate business....
By Gabriel Palotas,  Fri Oct 8 2010, 18:05
The ball of twine unwinds.It should have never been the objective for banks to foreclose. With their failed plans in the attempt to stall hoping the market turns around banks find themselves to day between a rock and a hard place. The pile of inventory just keeps on getting higher. Unable to manage the paperwork to salvage their investments finding themselves clogged in legal matters . The mob of lawyers are adding to the chaos with little to resolve but add to their expense.
I for one have little pity. The scam continues and even the low rates cannot sucker the consumer to overpay on vacant properties that have been weather beaten, or vandalized. The hurt goes on and the values are still far from seeing the bottom. Instead of loosening the lending process and opening the flood gates to anxious buyers. They just don't seem to get the picture,
Now all of a sudden the banks are in a panic mode and they are jumping ship. In their panic they resorted to short cuts that will cost them dearly. The question we all ask ? If the average citizen was caught in such acts would the law be as blind and the consequences the same?

Just Asking
Gabe

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