Bank of America will be Starting the Foreclosure Process
By Gary Singer on October 19, 2010
It was announced before ten days that all the foreclosure sales will be halted. But just contrary to the announcement Bank of America declared that it will again start with the foreclosure process. They will again start with the process of resubmitting the paper work. They will start it by 25th October for the borrowers who have missed their payments in 23 states.
The bank said that they are only waiting for the approval of the court. If the judges approve the filings of the new filings then they will start again with the sale of foreclosure property. The bank also said that they will continue with the freezing of foreclosure sales and reviews in District of Columbia and other 27 states. There they don’t need any permission from the court.
But they are not sure whether the court will approve those files. Some judges said that they want the bank to file up new cases by throwing the old ones. So it will be both time consuming and costly.
Bank of America had declared its nation wide freeze in October 8 to review the whole procedure. However during the review they found that all the foreclosure were accurate.
Jumana Bauwens who is the spokes woman said that the decision of foreclosure is absolutely accurate.
Recently different flaws have been resurfaced in the foreclosure process. So a question comes up how Bank of America and other banks will solve this problem. Along with this another question also comes up. The question is that whether the banks have lost all the legal documents which can prove that they have the right to foreclosure as they have sold the mortgages loan to the Wall Street investors.
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