News Column

Bank of America Resumes Foreclosures

October 18, 2010

Gary Fackler -- HispanicBusiness

home foreclose

The Bank of America (BofA) has resumed foreclosure proceedings on more than 100,000 homes throughout the U.S., the company announced Monday.

Most major banks, including BofA, temporarily halted foreclosures out of concern that the torrent of paperwork had created inaccuracies in some of the transactions.

"The basis of our foreclosure decision is accurate," said Dan Frahm a BofA spokesman in announcing the bank would resume the proceedings in 23 states.

Analysts think it is likely that other major lenders, many of which also temporarily suspended the foreclosures, will follow suit.

Source: (c) 2010. All rights reserved.

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