Bank of America Corp (NYSE: BAC) announced that it would restart the foreclosure process in 23 states beginning on October 25th on borrowers that have missed their payments.
The Charlotte-based bank expects that the sales of foreclosed properties will continue if judges approve the company’s new filings in the 23 states where a court-order is required to foreclose home. The bank said that it will continue to freeze foreclosure sales and review files in Washington D.C. and 27 other states that do not require a judge’s action. The bank said that reviewing its processes in those states will take several more months.
IT’s not clear whether or not state courts will accept Bank of America Corp (NYSE: BAC)’s new paperwork. Some judges have publicly said that they may throughout entire cases and force the bank to file new suits, which would cost the company time and money.
BofA found during its reviews that no one had been wrongly foreclosed upon, but that some paperwork errors had occurred. Spokeswoman Jumana Bauwens told the press that “The foreclosure decisions have been accurate.”
Bank of America Corp (NYSE: BAC) will begin filing new paperwork on 102,000 foreclosure cases beginning today in a process which will take several weeks.
Bank of America Corporation is a bank holding company, and a financial holding company. The Company is a financial institution, serving individual consumers, small and middle market businesses, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking subsidiaries (the Banks) and various nonbanking subsidiaries throughout the United States and in selected international markets, it provides a range of banking and nonbanking financial services and products through six business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Commercial Banking, Global Banking & Markets, Global Wealth & Investment Management, with the remaining operations recorded in All Other.
Shares of Bank of America Corp (NYSE: BAC) traded up 3.01% during mid-day trading on Monday, ending the day at $12.34.
