Posted on 08 Oct 2010
Bank of America announced on Friday that it's putting the brakes on all foreclosure sales and foreclosure proceedings nationwide while it reviews the documents being used to justify homeowner evictions.
It is the first bank to put a moratorium on foreclosures in all 50 states. Previously, Bank of America, JPMorgan Chase and others were only pausing foreclosures in states where a court has to participate in foreclosure proceedings.
"Bank of America has extended our review of foreclosure documents to all fifty states," the bank said in a statement.
"We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions are accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus."