The one I read earlier said they were still sending delinquency notices and proceeding with foreclosures where people can't get their loans modified. They have to produce documentation for new foreclosures. Foreclosure sales and cases that have gone to court are frozen for document review.
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According to The Warren Group, the authoritiative Boston realty-tracking firm that publishes Banker & Tradesman, in Massachusetts there are a total of 2,249 homes Bank of America has put into foreclosure, is trying to put in foreclosure, or has already seized from their previous owners. Those include 263 homes where a public notice to foreclose has been filed, 856 where the case has been filed, 310 where a public notice of auction has been filed, 592 that are in auction, and 228 owned by the bank and presumably being offered for sale, according to The Warren Group.
However, compare those numbers to Warren Group's count of 40,000 to 45,000 homes being sold every year in Massachusetts. CEO Timothy Warren calls the number "a drop in the bucket in terms of the total home sales.''
Warren said the Bank of America move Friday may give some delinquent borrowers time, but won't let anyone off the hook completely. "That just means that people who are in the process will probably stay in the process until they're absolutely certain that all of their procedures and paperwork are in order,'' Warren said.
necn.com |
