This is a quick update on our earlier post regarding Bank of America (BOA) and their announcement to implement a foreclosure moratorium in 50 states.
BOA has lifted the foreclosure moratorium in 23 states. Minnesota is not one of them. Those states have been identified as: Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin. Foreclosure sales in these states require approval from a judge.
“Foreclosure-gate,” the name given to the ongoing foreclosure fraud scandal, started when court documents revealed the widespread use of “robo signers,” employees or contractors who signed mortgage documents without reading or checking them. In the case of Bank of America, the concerns came to light after court documents in a Massachusetts case revealed documents submitted by the bank were improperly prepared.
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