Bank of America said Monday it will resubmit affidavits in 102,000 pending foreclosures in 23 judicial foreclosure states beginning Oct. 25, allowing it to resume foreclosure sales in those states.
The bank also plans to resume foreclosure sales in the 27 remaining states as it completes reviews of its foreclosure procedures on a state-by-state basis.
"As was the case for our judicial state review, our initial assessment findings show the basis for our foreclosure decisions is accurate," said Dan Frahm, a Bank of America Home Loans spokesman, in a statement.
In what’s come to be known as the robo-signing scandal, Bank of America was one of at least six loan servicers reviewing foreclosure procedures in states where courts have jurisdiction over such proceedings in the wake of allegations that employees working on behalf of the companies signed affidavits without reviewing them.
Bank of America and GMAC Mortgage expanded their reviews to non-judicial foreclosure states, with Bank of America temporarily halting foreclosure sales in all 50 states two weeks ago.
"Our decision to review our process and later, to extend our review to all 50 states, has been an important step to give customers confidence they are being treated fairly," Frahm said.
As was the case in its review of its processes in judicial foreclosures states, Bank of America’s initial assessment of procedures in non-judicial foreclosure states shows that "the basis for our foreclosure decisions is accurate," Frahm said.
In the end, Bank of America expects that fewer than 30,000 foreclosure sales will have been delayed, he said.
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