Selling of Bank of America Homes Resumes Nationwide

by Simon Lindsay on Bank of America Foreclosures

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.

This means that thousands of Santa Rosa bank foreclosures for sale and other foreclosed properties all over the state will soon enter the market in the coming months. California was one of the 27 non-judicial states where the BofA moratorium was lifted later than the other 23 judicial states, or those regions where foreclosure requires the approval of a judge.

According to BofA, the processing of bank foreclosures for sale in California and in other parts of the country will continue as the bank has already completed the review of its documents and is now confident of resuming the sales and repossession of foreclosed properties. The bank added that the review showed that Bank of America had been spot on in terms of its basis for foreclosing on properties included in its portfolio.

Some analysts were skeptical during the three weeks following the initial announcement of the freeze on the sales of Bank of America homes in October. According to them, the bank was able to resubmit documents for foreclosures in the 23 judicial states only 21 days after the moratorium was put in place; something that they, at that time, found surprising.

However, BofA has stated that they were able to identify the areas of bank foreclosures processing where improvements are needed and they believe that it is important to move ahead with the procedures in an effort to reduce empty and abandoned properties all over the U.S. Officials from the bank have added that such properties cause the values of homes to decline which in turn holds back the recovery of the nation's housing industry.

Data from housing market tracking companies showed that the number of foreclosed Bank of America homes has risen by almost 10 times within a few days after the national moratorium was lifted compared with the previous week. The number is expected to rise further in the coming weeks.