Friday, October 8, 2010: Bank of American announced today that it is expanding it's foreclosure moratorium to all 50 states.
From their statement, "Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed." The moratorium period will address files that were not property reviewed prior to sale.
The delay in foreclosure actions will likely delay the release of the widely anticipated shadow inventory of bank owned properties expected to hit the market. In addition, homeowners will have more time to seek alternative solutions to foreclosure.
At http://www.NegativeEquitySolutions.com we educate homeowners with negative equity on their best alternatives to foreclosure. Our community service seminars are free.
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