Bank of America said today it would stop foreclosures in all 50 states, including CA.
Last week B of A stated they would halt foreclosures in 23 states but California wasn’t included.
Now, the nations largest bank is stopping all foreclosures while they review their foreclosure documents and process.
So, what does this mean for homeowners in default with BofA? Well at least for now, they can relax. But the bigger question is: What does this mean for California and the state of our economic recovery? The state can not recover until we get rid of these bad loans. The longer we are selling foreclosures and REOs, the longer it will take for the state’s property values to increase.
I’m a big believer in “ripping off the band-aid.” Halting foreclosures just lengthens the amount of time our California Real Estate market will be depressed. Bank of America is a leader in our nations lending and I have a feeling that other banks will follow suite and halt foreclosures in California.
On the positive side, this will allow my Roseville and Rocklin Short Sales to look even more appealing. It means less competition for my short sale listings as the banks work out the REO/foreclosure mess.
Posted By Allan Sanchez Rosville/Rocklin Short Sale Agent www.AllansHomes.com
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