Bank of America puts a stop to foreclosures
In a vague statement Bank of America released Friday, the company said it was going to review foreclosure documents it has filed in every state in the U.S. That’s quite a statement when one considers that Bank of America holds about one in every five mortgages in the nation.
It’s an even more significant statement when one considers that RealtyTrac reported that one out of every 676 homes in Arkansas received a foreclosure filing in August. While it’s true that RealtyTrac considers everything from a delinquency notice to a scheduled sale on the courthouse steps as a foreclosure notice, that’s a pretty big number.
The question, of course, is just what the heck is going on here? According to this article from NewsInferno, Bank of America isn’t the only bank wondering whether sufficient foreclosure documents have been filed in the nation’s courts.
FirstArkansasNews.net isn’t a bit surprised by Bank of America’s announcement. Why? We posted an interview with foreclosure fighter April Charney way on back in April in which the attorney said there were a lot of problems in the foreclosure process and a lot of ways for people to fight attempts to put them out of their homes. Click here for that April interview with Charney and go here for my wrap-up of Legal Aid of Arkansas’ foreclosure seminar that was posted at The City Wire.
It goes without saying that First Arkansas News has been on top of this story for a few months now and will continue to follow it. Stay tuned…
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.