Friday, October 8, 2010

Bank of America halts all U.S. foreclosures


The foreclosure mess threatened to become full-blown chaos Friday as the nation's largest bank, Bank of America halted all foreclosure procedures nationwide, raising the pressure on other lenders to do the same.
Bank of America is the first U.S. bank to institute a nationwide moratorium on foreclosures as anger grows at how lenders have prepared documents to support evictions. The halt on foreclosures will take effect on Saturday and also includes sales of foreclosed property.

This article and video appeared MSNBC: http://www.msnbc.msn.com/id/39575033

In my opinion the more difficult and costly the foreclosure process becomes it will give banks more incentive to authorize Short Sales.

We have been able to successfully help dozens of property owners get out of a bad situation through a short sale. Milligan Realty .com has experience with almost all of the banks and knowing their processes really helps. If you want to learn more about short sales or receive a FREE confidential consultation click here: www.applyshortsale.com

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