Last Week Bank of America halted foreclosures on homes across the country for the purposes of double checking improperly filed paperwork for tens of thousands cases. Among Bank of America Ally’s Financial’s GMAC Mortgage unit, JPMorgan Chase also announced similar plans.
Some say that the Bank felt the need to review improperly filed paperwork due to pressure from State Attorney General and other public officials inquiring about the accuracy of foreclosure documents.
Dan Fram said “We feel the need to address that and demonstrate that our process is accurate”.
So, with this being said, if you are a Bank of America Borrower and are thinking of foreclosing, it may take weeks, months, who knows. We’re hoping that once they cleanse the foreclosure paperwork, they’ll also streamline the foreclosure process making foreclosures happen faster.