BofA gearing up to resume foreclosure sales
Affidavits in 102,000 pending cases to be resubmitted
By Inman News, Tuesday, October 19, 2010.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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Submitted by Lisa Herrin on October 19, 2010 - 8:04am.
The 23 states in which Bank of America will resume foreclosures are: 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.
Lisa Herrin
VP, Product Strategy
Hawaii Information Service
www.alohaliving.com
Submitted by Matt Carter on October 19, 2010 - 9:17am.
Statement from Ohio Attorney General Richard Cordray:
"While I would not presume to speak for all 50 state attorneys general, from my own standpoint, we will want to be very careful in reviewing whatever their revised process purports to be. I would caution that they still have significant financial exposure in many, many cases if they are now acknowledging that the evidence that they previously submitted to the courts was fraudulent.
"Those previous submissions remain subject to possible sanctions and penalties by the courts and so Bank of America would be well-advised to consider aggressively pursuing loan modifications as a means of resolving those cases by agreement rather than pushing toward a court order that may involve sanctions and penalties for their prior misconduct.
"You have to remember, these are the same people who have essentially acknowledged that they committed fraud in perhaps tens of thousands of cases. Now they tell us that they have fixed the problem in a matter of weeks. We are certainly not just going to take their word for it."
Cordray sued GMAC/Ally on Oct. 6. Attorneys general from all 50 states are participating in a coordinated investigation of "robo-signing" practices.
Submitted by Kevin Spainhour on October 19, 2010 - 1:37pm.
Why is it that publicly we hear that Bank of America has stopped all foreclosures in all 50 states pending review, but I have a client here in California that was just personally served a Notice of Trustee's Sale yesterday?
Is anything published or filed in Court by Bank of America worthy of any kind of consideration?
Kevin A. Spainhour, Esq.
Spainhour Law Group
Huntington Beach, CA. 92647
Submitted by jose budet on October 19, 2010 - 5:02pm.
Does Robo audit come to mind here?
It is taking Bank Of America approximately anywhere from 1 year to 2 years to review and deny home modifications in California.
In most cases they loose, misplace documents, or state that they have never received them (when signed federal express signatures are on record), How do they expect me to beleive that they have really checked out their foreclosure procedures in 23 states in two weeks.
It is unfortunate that this administration has done so little under the circumstances about the assistance to homeowners and has allowed the big banks to continue to take advantage of the homeowners and continue to blame the brokers, and now the Homeowners.
Jose Budet
Broker and CEO
The Real Estate Bank -a full service Real Estate, Mortgage and Insurance Company
California