Yesterday Bank of America announced that it will extend it’s freeze on foreclosures to all 50 States. The nation’s largest lender is reviewing their practices to make sure they are not foreclosing upon homeowners improperly or illegally. B of A and other large banks, including JP Morgan Chase and Ally Financial, had previously frozen their foreclosure process in 23 States.
To learn more about what’s going on here is a link to an article and video presented by Bloomberg.com:
Although it is important that all lenders review their processes to make sure they are foreclosing legally, we don’t want it to be a long drawn out process. The sooner the nation sells through the foreclosure inventory, the better for our housing market and economy.
All my best~Kevin
GORMAN-ROSS Real Estate Network –We built our business on years of earning our client’s trust!