UPDATE on Foreclosure Freeze : (Source: Rob Chrisman)
Markets donâ€™t like uncertainty, and Bank of America and GMAC did their best to remove some of that by restarting the home foreclosure processes this week that were frozen by documentation concerns. The WSJ reported that â€œBank of America Corp. reopened 102,000 foreclosure actions, declaring that it had found no significant problems in its procedures for seizing homes. GMAC Mortgage, a lender and loan servicer, said that it also is pushing ahead with an unspecified number of foreclosures that came under intense pressure.â€
The paperwork will be submitted to courts by next Monday, and foreclosure sales will resume in those states starting in November. Wells Fargo, Citigroup, and others never imposed moratoriums. A Bank of America spokesman said the bank has found “no cases” thus far of foreclosures that should not have “gone through.”
Last week, James Dimon, J.P. Morgan Chase & Co. chairman and chief executive, said that no one has been “evicted out of a home who shouldn’t have been.” Based on this report, it looks like the Foreclosure Freeze has â€œunfrozenâ€ once again- interesting enough, the average days for a foreclosure is currently over 400 days.