GMAC Mortgage puts hold on many foreclosures, REO sales

Policy mostly in effect for 'judicial foreclosure' states

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GMAC Mortgage has temporarily halted foreclosure proceedings on homeowners in 23 states including Florida, New York, Illinois and Ohio in a "corrective action" that may also delay closings on some bank-owned (REO) homes.

Closing dates on all REO sales will be extended by 30 days, with buyers having the right to cancel their purchase agreement and get their deposit back, Bloomberg News reported, citing a Sept. 17 internal company memo.