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After a 16-day review of its foreclosures, Bank of America (BAC) has pronounced itself satisfied: It found no problems at all with any of them, and it's ready to resume processing foreclosures.
Homes become bank-owned properties after homeowners default on their mortgages and the bank forecloses. If no one opts to buy a foreclosure home at auction, the bank or mortgage lender or servicer ...
Bank of America (BAC) plans to halt foreclosure sales across the nation, as it reviews whether it handled its foreclosure documentation and procedures properly, the banking giant said Friday.
The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks—including Bank of America, JP Morgan, Wells Fargo, and Citigroup—responded by halting their foreclosure proceedings temporarily in some or all states.
Bank of America (BAC), for the first time, acknowledged it has uncovered some mistakes in its foreclosure files, The Wall Street Journal reported, as it starts to resubmit documents in 102,000 cases.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".
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