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Bank of America Halting Foreclosure Sales

  • October 8th 2010

by Mark Wellborn

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Bank of America is halting foreclosure sales across the country, The Wall Street Journal reports. The move comes amid reports that mortgage documents have been forged and mishandled by several lenders. The bank is the first major financial institution to stop these sales.

From The Wall Street Journal:

“The decision by Bank of America to extend its postponement to all 50 states takes effect Saturday. The bank doesn’t intend to lift the moratorium on foreclosure sales until its assessment is complete, a spokesman said. The bank hasn’t halted all foreclosure proceedings, however. If a borrower is delinquent, the bank is still issuing notices of default and pursuing efforts to modify certain mortgages, the spokesman said.”

The Washington Post is reporting that Senate Majority Leader Harry Reid (D-Nev.) called on other major lenders to follow Bank of America’s lead until the problems have been reviewed.

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/bank_of_america_halting_foreclosure_sales/2557.

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