Saturday, October 9, 2010

Bank of America Stops Foreclosures In Every State

Bank of America Stops Foreclosures In Every State

According to this HousingWire article, Bank of America halts foreclosures in all states, "Bank of America will stop foreclosure sales in all 50 states as it extends its review into faulty affidavits." This decision is an expansion of Bank of America's decision on 10/1/2010 to stop foreclosures in 23 states due to paperwork problems. The article states that Ally Financial and JPMorgan Chase halted their foreclosures as well, but have not expanded their suspensions to all 50 states. According to the article, Wells Fargo, Citigroup (CitiMortgage) and PNC Financial have not enacted moratoriums on their foreclosures. For now, financially distressed homeowners and borrowers who have Bank of America loans will be able to temporarily avoid foreclosure. This should allow more time for short sales to close, and, hopefully make Bank of America more motivated to accept a short sale outcome. Eventually, however, the foreclosure moratorium will be lifted and more distressed homeowners will face foreclosure again. Therefore, I highly recommend that these financially distressed homeowners move quickly to start the short sale process.

Short Sale and Foreclosure Help and Assistance for Homeowners and Property Owners in Nashville and Middle Tennessee. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee, La Vergne Tennessee, or Middle Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR, Expert and Real Estate Investor. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN). If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor.

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