OCT. 8, 2010. Today the Bank of America announced that they will hold foreclosures in all states in the United States. It is speculated that this moratorium will last for 18 months or more. This was sparked due to the Robo-Signing mess that has been uncovered in the loan process. Apparently there is a mortgage affidavit that is attached to the original documents that states that the attached print out of the mortgage is attached and that it is accurate. However the problem is that most of the borrowers are made to sign this document but have not read it. Due to this, foreclosures have been hastened and the inventory of homes held by the banks have increased dramatically. This has created this mess and now they have to hold foreclosures till they sort this out.
AMERICA GETS A BREAK ???
- October 8, 2010
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