Bank of America and Foreclosure Freeze

Bank Of America – Foreclosure Review

Over a month ago Bank of America declared a foreclosure review that would give customers confidence that they were being treated fairly. However, there are a lot of questions yet to be answered.

America’s largest bank, B of A, put a freeze on foreclosure sales in 23 states last month and then broadened the freeze to nationwide a few days later. The bank continues to review its process stated Rick Simon a spokesperson from Bank of America.

Bank of America said it is going over their procedures and individual cases, and has admitted that it has changed some practices as a result.

Bank of America – Lack of Disclosure

However, there are a number of things Bank of America has not disclosed:  B of A hasn’t released what changes have been made.  B of A has been vague concerning the number of foreclosure files it has reviewed, the number of errors and the types of mistakes it has found, and not to mention, how long it may take to finish the process.  Needless to say, Bank of America, hasn’t even addressed if foreclosures thus far have even been legal.

Bank of America – Details MatterBank of America

These ‘little’ details actually do matter because Bank of America’s reach is so wide.   A minimum of three times over the past month, B of A has stated in public statements that “the basis for our foreclosure decisions is accurate.”

Simon says that statement is founded upon a review of customer’s financial details, such as borrowers’ payment history and how much debt they have. Bank of America stresses that borrowers who are not behind on their loans aren’t getting tossed out. By Bank of America’s assessment a third of the properties foreclosed on and sold in the third quarter were empty, and the homeowners were on average behind on monthly mortgage payments by eighteen months.

I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help to stop foreclosure.

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