Bank of America is delaying foreclosures in 23 states!

Thanks for the info, that is good to know.

Neal... thanks for sharing this, because I haven't really had time to read up on what has been happening of lately. I am ticked at the same thing that you are... and what irks me the most is that these banks and the gov't seem to be playing by their own rules, playing with time like it doesn't matter... and the end result is that it's ruining families lives and our pockets in the short & long terms. So you hit the nail on the head.. it's time for these banks to put up or shut up.  thanks

Neal, do you know where I can find a list of the states? I heard the announcement and then went to the Yahoo Article you linked to but it doesn't list the states. Just wondering if Michigan is on that list....I guess I can go to Google, after I finish my AR comments of the day.

Neal, important to note is that it is not just the notes being in question, it's fraud on the court that seems to be at the core. If false or forged docs were used in the process, as appears to be the case based on the class action lawsuits pending (there is one in NY as well) this is a major, major mess. Thanks for the update.

*unfortunately, this appears to be the case only in judicial foreclosure states- in non judicial, it's up to the homeowner to intitiate proceedings that force the "owner" of the note to provide proof of such, as opposed to being required in the judicial states. Not certain about that, but a guess.

Neal, I guess the way that I see it is that every person who is in  foreclosure, and then loses the case (and their house), should lose because every i was dotted by the entity taking their home. In the case of foreclosure mills being accused of forgery, deceiving the judicial system, grossly overcharging homeowners ,your own mention above (irresponsible *and ,illegal* signatures), ...this is about arrogance that needs to be extinguished, immediately- systematic fraud on a court isn't OK, and shouldn't be tolerated by ANY of us. 

There's a lawyer for every eventuality, as they say.  The lenders will be made to pay up if the lawyers have anything on them...I wrote a post the other day about how this is going to have far-ranging impacts on the clearing of foreclosures through the title process - they are running scared too now.

I was just going to post that it is in all 50 states and see your last comment.  I wonder how many other banks will follow suit and how long it will take to clear this up.  I don't have a lot of bank owned clients, but one company here in Indy lost 36 transactions in some sort of state of pending...yikes.

Cindy in INdy