Bank of America Halts Foreclosures
Bank of America has halted foreclosures in all 50 states, as reported on Boston.com.
The move came as PNC Financial Services became the fourth major bank to announce that it would stop foreclosures in at least some states. It added to growing concerns that mortgage lenders have been evicting homeowners despite flawed court papers.
Bank of America, the largest U.S. bank, had said a week earlier it would stop foreclosures in the 23 states where the process must be approved by a judge. Ally Financial’s GMAC Mortgage unit and JPMorgan Chase had announced similar plans.
Bank of America’s nationwide halt will apply to homes that the bank is taking back itself and those for which it has transferred the papers to mortgage buyers Fannie Mae and Freddie Mac.
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Tags: Foreclosure, North Reading MA Real Estate, North Shore Real Estate, Renassiance realtors, Wilmington MA Real Estate
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