Archive for the 'Bank of America' Category

Recently Bank of America has realized that it has entirely too many foreclosed properties that are now on the company’s inventory. As these homes sit vacant, with some properties on the market and others still finishing the foreclosure process, the bank is looking for other means of dealing with these foreclosed

The sales of foreclosed Bank of America homes that have been put on hold all over the U.S. in October will now resume as the lender lifts the nationwide moratorium imposed on the selling of these properties. According to sources, the bank will start taking back around 16,000 foreclosed properties, with vacant or empty dwellings as the first to be repossessed.

The prices of houses in some areas of Michigan, including BofA foreclosure homes, declined during the month of October 2010 when compared with the same 2009 month. In metro Detroit, the decline for the month was 23% according to a report from Realcomp.

After allegations regarding the use of faulty paperwork in processing foreclosed properties under Bank of America listings came out, the procedure of how lenders handle distressed properties in Georgia became the focus of the housing market industry. According to local reports, only a handful of foreclosure cases in the state have documentation problems.

Homeowners affected by problems related to foreclosed homes in Albuquerque in New Mexico have mixed feelings about the decision of Bank of America to halt foreclosures in all states of the U.S. Some have expressed relief, while others are worried that lenders are less than careful when it comes to processing foreclosure papers.

Issues regarding alleged irresponsible processing of foreclosures by banks have grabbed the headlines recently. According to some reports, a number of homes under Bank of America foreclosure listings and other bank foreclosed property listings were included in the lists because of erroneous procedures.

The total number of residential properties sold in Detroit, Michigan decreased in August 2010 when compared with the same month of 2009, while prices of homes increased during the same period. If foreclosed structures, including Bank of America foreclosures, are subtracted from the total, data showed an opposite trend.

The Broad River area in Columbia, South Carolina will soon become the venue of a residential development project that was four years in the making. The project will build affordable housing in the community where government and bank foreclosures, including BoA home foreclosures, have taken their toll.

A preliminary injunction issued by the 5th District Court of Utah has put on temporary hold hundreds of Bank of America homes for sale in the state. The ruling was made by the state court following a case filed by lawyer John Christian Barlow in behalf of homeowner Peni Cox.

Colorado foreclosures slowed down in the first half this year, but the state was still among the top ten states with the highest percentage of foreclosure. The slowdown in state foreclosures, however, is seen in the monthly charts, such as in May and in June when Colorado was replaced by Maryland in the tenth place.

Bank of America foreclosures in Indiana can be found in the lists held by members of the BofA real estate broker network. These lists are also included in the websites of major providers of foreclosure listings.

A program launched by Bank of America makes it possible for mortgage holders who are unemployed to waive off payment for as long as nine months. However, the deed to the property would have to be handed over to the bank if the beneficiary failed to find a job before the nine-month grace period is over.

With rumors of a bankruptcy floating in the past week, mortgage lender Countrywide Financial is in serious talks with Bank of America.