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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (282160)	10/8/2010 7:34:17 PM
From: Les H	Read Replies (1) \| Respond to of 306849

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. ------------------------------------------------------------------------------------------------- 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

To: Broken_Clock who wrote (282160)	10/8/2010 7:49:10 PM
From: Les H	Respond to of 306849

In a statement released Friday, Bank of America said it will stop foreclosure sales until “our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.” Bank of America spokesman Dan Frahm said the company is reviewing its entire foreclosure process but is focusing on the validation of signatures on foreclosure documents. Bank of America will continue to track late payments and pursue delinquent borrowers but will stop short of foreclosure on those mortgages held on its books -- about 20 percent of the home loans it services. Frahm said the average foreclosed borrower has not made a payment in 18 months. He declined to disclose how many foreclosures would be affected by the move. msnbc.msn.com