Bank of America restarts nearly 16,000 foreclosures

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Bank of America Corp. announced that it restarted nearly 16,000 foreclosure cases last week, according to a report by the Wall Street Journal. The bank’s foreclosure attorneys prepared 7,800 new affidavits for cases in states the require court approval for foreclosures, and lifted holds on 8,000 cases in states that do not need court approval. The bank froze 102,000 foreclosure sales earlier this year.

December 10, 2010

Bank of America Corp. announced that it restarted nearly 16,000 foreclosure cases this week, according to a report by the Wall Street Journal. The bank’s foreclosure attorneys prepared 7,800 new affidavits for cases in states the require court approval for foreclosures, and lifted holds on 8,000 cases in states that do not need court approval. The bank froze 102,000 foreclosure sales earlier this year, when paperwork procedures came under scrutiny after it was alleged that some employees signed documents without properly reviewing them.

Bank of America previously said it would restart foreclosures on Oct. 25, but delayed because it hired new law firms to handle its foreclosure cases. It expects to restart the remainder of the foreclosures early next year.

Two other banks, Wells Fargo & Co. and J.P. Morgan Chase & Co., said they also have restarted foreclosure processes, according to the report.

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