Say it isn't so Bank of America is set to resume foreclosures. I was shocked to see it when the news alert crossed my smart phone about 3 this afternoon. My jaw dropped. It's not that I expected the halt to last forever, however, I did expect it to last longer than a week. However, B of A's decision to halt foreclosures did come as some relief to my sellers.
You can imagine after the news came out my phone was blowing up with calls from all my sellers who have loans serviced with B of A. I assured them that if there was a silver lining for them is today's decision doesn't affect them. You see, we are among the 27 states where B of A isn't foreclosing. That brought some relief however that could change any day.
According to the blogs, TV and online media, Bank of America will begin foreclosures in 23 judicial foreclosure states. The remaining 27 non-judicial foreclosure states will remain on hold, for now.
It appears Bank of America feels confident in its procedures to foreclose on properties in those 23 states which requires a judge's approval.
So what does that mean for the rest of the country? I wish we had a crystal ball to figure it all out. It's a shame that banks can't first help homeowners to try to retain their properties. It's too bad loan modifications are just a temporary fix that just pave the way a short sale or foreclosure. I'm not singling out Bank of America here, I'm speaking to all banks. One thing I know for sure: The housing crisis won't level itself out until we can get unemployment under control. That's another blog post.