Bank Of America To Stop Home Foreclosures

NEW YORK (CBS 2) — Bank of America said it will stop seizing homes in all 50 states, after taking action that could negatively impact the real estate industry.

Bank of America and other financial institutions were reviewing paperwork after rushing the foreclosure process without reading or verifying information.

The move could affect nearly a million homeowners.

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    […] is meeting with representatives of the Bank of America, Morgan Stanley and Goldman Sachs, according to the official, who spoke to The Associated Press on […]

  • Rebecca Stephens

    My daughter and her family are on the verge of losing their home. And, Bank of America keeps offering them hope and then taking money from them. They tell them they don’t know where the money went, but that they are behind. Now they’re waiting to pay so they won’t lose their home, but BofA tells them that they don’t know what they owe. What they’re going through hurts my heart so much I can hardly breathe. Two little boys and their parents are about to be homeless. Doesn’t anyone with some power care? I hate to see “America” in this, at all. Why did we put Bernie M. with his ponzi scheme. I fail to see this as any different.

  • Baby Mama Millionaire

    I walked away from the mortgage business in 2006 due to the cold hearted lenders that preyed on peoples’ emotions to have a piece of the American dream..Now I thought then as I do now that lenders could have made good profits without being so damn greedy they were and still are legal thugs that got away with robbing the american people and turned the economy upside down..Many say that the public should have read the fine print..Let me tell you mortgage brokers and lenders smooth talked and blind sided the public even when they were given the final price for the homes that they could not afford..I pray that this upside down mess has taught lenders that you reap what you sow and they are not untouchable..

  • Ralph Escribano

    Who really started this mess? The Banks?Wall Street? Who? Really! C´mon!

    Who is resposible for jobs loss? Who is responsible for letting most of our manufacturing and Service jobs farmed out to other countries?
    Surely it was not the stupid people that lost their jobs or because builders decided to walk away from proyects or going bankrupt leaving many unfished homes and practically stealing the money your stupid people had saved and did have money to put down. Steve ,you are the type of person that laghs at the less fortunate. With your comments you demostrate that you are a very insensitive person who really does not keep up with what is happening in this beloved country of ours.
    I recommend that you watch ¨House of Cards¨ when it is shown again on CNBC.

  • real estate los angeles

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  • Vince

    Why foreclose I agree all banks should restructure mortgages instead of foreclosing some money is better than no money and this is why
    1.It cost money for them to foreclose on someone
    2.The home is being taken care of by the home owner
    3. You avoid homes being trashed and having to spend money to repair them in order to sell them
    4. The banks are still making a ton of money from interest
    5. Everyone is happy, and that’s just doing what is right.

  • steve

    Take all the homes back that the dumb people got them self’s into… Just because they are stupid does not mean they need to keep a house… I told the lender to go to hell when they wante to loan me 50 grand more then I knew I could handle….

    • Lynette

      Comment is for Steve, U r stupid, what about the people who LOST there job,

    • Louis

      Hey Steve I guess they are stupid because many lost there jobs, or they are stupid because the breadwinner became ill and couldn’t work. Yeah those things surely make people stupid. That must have been a really well thought out comment on your part. I am not one those “stupid” people, but your ignorance necessitates a response.

    • Patricia

      Hey Steve, you are an idiot! I am one of those people fighting to save my home. I lost my job after 28 years last October. I went from over $50,000 a yr, down to unemployment. How would you manage your mortgage of over $1100 per mo? I am one of the lucky ones and found a job early this year, but it is low wages. My loan at bank of America was showing me $10,000 behind and it wasn’t. I hope all loans are investigated. I want to keep my home!!!

      • Lynette

        Thanks Patrica, I had the same happen to me, I am still waiting 4 the modification from BOA, I contacted HomeFree USA

  • Ralph Escribano

    All lending institutions(Banks) should re-structure all mortgage loans to match actual home values instead of loan mitigation. All this with no penalties. This would really stop the real estate crisis and the real bail out would benefit both banks and homeowners and would stimulate the economy.
    Study it.. it would be a win win situation

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