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October 2010

Found 2 blog entries for October 2010.

That was quicker than I thought, it was just 2 weeks ago that they had halted foreclosures due to the Robo Signing scandal. Bank of America has resubmitted affidavits in 102,000 foreclosures in 23 states. This would allow them to resume foreclosures in those states.

They plan on resuming foreclosures in the remaining 27 states as soon as it completes the review of the foreclosure process in each one of those states. According to a bank spokesperson the basis for the foeclosure decisions was accurate, meaning the people they are foreclosing on are behind on their payments and should be foreclosed on.

Bank of America is just one of 6 loan servicers that have been under scrutiny for allowing employees to sign off on affidavits without reading them. BOA and

1,497 Views, 2 Comments

Bank of America announced last week they will be halting foreclosures in all 50 states while they investigate their pending foreclosures for fraud. Apparently they have been engaging in something you have probably heard about called "Robo Signing", which basically means bank employees forged notarized documents to accelerate the foreclosure process.

The arrogance by which these banks have operated throughout this foreclosure process is appalling. What does this mean for the average buyer and seller is a delay of the inevitable. Most guestimates are a 3 to 12 week bump in the road. In the short term could be good for sellers because this will give them less competition, in the long run this could hurt values as there will be a flurry of foreclosures that

2,005 Views, 2 Comments