October 8th, 2010 3:39 PM by Dave Gubler
Bank Of America Temporarily Halts Foreclosures In All 50 States - 10/8/2010
California Non-Judicial Foreclosures will also be stalled.
In the recent past Bank of America instituted a foreclosure moratorium in 23 states in which the judicial foreclosure process is utilized. For distressed California homeowners with Bank of America mortgage loans there was very little to get excited about because almost all mortgages in California were set up with a 3rd party trustee which utilizes the non-judicial foreclosure process.
Today (Friday October 8th, 2010) Bank of America announced that they will temporarily halt foreclosures in all 50 states. In non-judicial foreclosure states, buyers of real estate receive deeds of trust that will allow a bank to foreclose on their home without going through the courts. The foreclosure is administerd through a trustee, which expedites the process in most cases.
It is important to note that Bank of America has expressed that they will continue the foreclosure process itself; recording notice of default against delinquent borrowers as necessary but that the final step in the process... the actual foreclosure will be halted temporarily.
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