Posted on October - 09 - 2010
Bank of America extends freeze on foreclosures to all 50 states
CHARLOTTE, N.C. – Bank of America Corp., the biggest U.S. lender, will halt foreclosures in all 50 U.S. states to determine whether documents used to seize homes from people had the correct data.
“We will stop foreclosure sales until our assessment has been satisfactorily completed,” Bank of America said on Friday in a statement. “Our ongoing assessment shows the basis for foreclosure decisions is accurate.”
Bank of America already froze foreclosures this month in the 23 states where courts supervise home seizures. The new policy extends the moratorium to the entire nation.
According to the Associated Press, those 23 states were: Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.
Banks are being pressed by state officials to halt foreclosures amid allegations that employees used unverified or false data to speed the process. Attorneys general in Ohio and Connecticut have said the practices may amount to fraud.
Lenders took possession of a record 95,364 homes in August and issued foreclosure filings to 338,836 homeowners, or one of every 381 U.S. households, according to RealtyTrac Inc., an Irvine, Calif.-based data vendor.
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