Owners of Foreclosed Homes in Albuquerque React to BoA Announcement

by Simon Lindsay on Bank of America Foreclosures

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.

Like the rest of the U.S., New Mexico suffers from huge supplies of foreclosed properties, including Fannie Mae foreclosures for sale. When BoA made the announcement that it is temporarily putting foreclosures on hold due to questionable paperwork processing, homeowners from the state reacted in varying degrees of relief and worry.

Some of the families that own New Mexico foreclosure homes for sale, with mortgages handled by the bank, were left wondering what would happen next. According to one homeowner who has a Bank of America mortgage, despite the fact that she is current in her mortgage payments, she is worried about the announcement.

Meanwhile, other foreclosed homes in Albuquerque owners have stated that the bank's decision to review foreclosure documents is a good one, but they are left worried by the fact that lenders like of Bank of America are confused as to which homeowners are in foreclosure and which ones are not.

For those who have a foreclosure house for sale, the news provides a temporary relief and gives residents a chance to stay in their homes for a bit more time. Some see the freeze as a potential factor that can influence banks to work harder in preventing foreclosures, while others think that the review will cost lenders a lot of money, leading them to race through the act of foreclosing.

Officials from Bank of America have stated that the review will take only two weeks to complete and will not create too much of an impact on the housing market. This claim has been contradicted by some housing market analysts who argued that the delay will hinder the housing industry's growth.

The decision of the bank and other lenders in the country will mean that processing of delinquent loans will continue, but the sales processing of foreclosed homes in Albuquerque and in other places of the U.S. will not be finalized until documents are cleared.

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