Saturday, October 9, 2010

"Bank of America Corp., the biggest U.S. lender, extended a freeze on
foreclosures to all 50 states as concern spread among federal and local
officials that homes are being seized based on false data. "We will stop
foreclosure sales until our assessment has been satisfactorily completed,"
the Charlotte, North Carolina- based company said today in a statement. "Our
ongoing assessment shows the basis for foreclosure decisions is accurate."
Bank of America, JPMorgan Chase & Co. and Ally Financial Inc. already froze
foreclosures in 23 states where courts supervise home seizures. Bank of
America's new policy extends its moratorium to the entire nation. Lenders
are being pressed by lawmakers to halt foreclosures amid allegations that
employees used unverified or false data to speed the process. "

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So, which might that mean for Arizona, a non-judicial state? I found this
interesting CA article..

"In Non-Judicial Foreclosure states, lawsuits as to this chain of title are
not allowed after the foreclosure sale. Therefore, the banks could go on
foreclosing on these homes, as they wouldn't be held up by the extra
litigation. If they got the home sold, they were ok.
Bank of America is apparently making this decision to stop foreclosure sales
in all states out of overall business prudence, not just legal necessity.
....." Guess that is a mark up for them. (perhaps a little, too late.)

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