A recent article by the Associated Press reported that Bank of America plans to resume foreclosures on more than 100,000 homes in 23 states, which include Florida early next week, with a judge’s approval. This move by the nation’s largest bank will likely encourage other giant lenders, like JPMorgan Chase & Co., to resume the foreclosure process as well. Bank of America Corp. is still delaying foreclosures in the 27 other states, which do not require a judge’s approval.
This move comes just two weeks after Bank of America halted foreclosures in all 50 states as allegations surfaced that bank employees signed, but failed to read foreclosure documents, that may have contained errors. These bank employees earned the nickname “robo-signers.”
A deposition released by the Florida attorney general’s office revealed that the office manager at a Florida law firm under investigation for fabricating foreclosure documents signed 1,000 files a day without reviewing them. The manager also would allow paralegals to sign her name when she got tired, the deposition said. Bank of America plans to begin filing new paperwork for 102,000 foreclosures on Monday, October 25, 2010.
The 23 states in which Bank of America is restarting foreclosures use a lengthy court process. They require documents to verify information on the mortgage, including who owns it. These states include: Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.
To read more on Bank of America’s plans to resume foreclosures in 23 states, please visit:
http://news.yahoo.com/s/ap/20101018/ap_on_bi_ge/us_bank_of_america_foreclosures
http://www.msnbc.msn.com/id/39727162/ns/business-real_estate/
http://www.nytimes.com/2010/10/19/business/19mortgage.html
If you have any questions on this topic please feel free to contact foreclosure defense attorney, Timothy Kingcade at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
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