Foreclosure Freeze Thaws

The foreclosure freeze that has threatened to paralyze the housing market in recent days may be coming to an end. Two of the nation’s largest mortgage lenders announced plans Monday to resume foreclosure cases, despite lingering concerns about document processing.

Bank of America resumed 102,000 foreclosures after determining that its processes for reclaiming homes were satisfactory. GMAC Mortgage also began processing foreclosures again but did not specify how many.
The renewed foreclosure efforts are part of move to demonstrate that while there may have been some procedural issues, the majority of foreclosure and eviction actions are legitimate, and that the banks have the paperwork to prove it.

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Tags: bank of america, foreclosure freeze, gmac mortgage