St Louis Foreclosures: Bank Of America Resumes Foreclosures

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St Louis Loan Audit News: Bank of America Resumes Foreclosures In 23 States
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program

877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending

Bank of America reviewed 102,000 foreclosures in the 23 states where a court must sign off on the proceedings, and it has restarted the process on those cases, the company recently said.

The company said the first of the new affidavits had to be submitted by October 25, and that it would continue its review in 27 other states.

According to a spokeswoman for the bank, no errors were found during the review, and fewer than 30,000 foreclosure sales across all 50 states will be delayed as a result of the investigation.

The announcement comes one day before the bank's third quarter earnings report, and might ease investor concerns over the scale and time frame of the bank's review process according to St Louis foreclosure experts.

"This is an even better outcome than we previously thought," said Paul Miller, an analyst at FBR Capital Markets. He continues: "We thought January was a more likely time to restart the [foreclosure] process."

All told, 1.8 million loans are in foreclosure in the 23 so-called judicial states, while 1.3 million are pending elsewhere in the country, according to a Morgan Stanley analyst report.

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