Bank of America to Freeze Foreclosures in all 50 States

by Rodney Forbes on October 11, 2010

Following the announcement that Bank of America would join other major lenders in freezing foreclosure proceedings in certain states, including Florida, Bank of America now has decided to expand the freeze to all 50 states. BofA is using this time to review foreclosure documents on thousands of cases that have recently come under criticism of shoddy record keeping.

What does this mean if your home happens to be in the foreclosure process? This is not a free pass to stay in the home forever, or a “get out of jail free card”. These cases will resume as documents are reviewed. This does give you time to look for an alternative solution to foreclosure, such as short sale or loan modification.

If you live in the south Florida area you can contact Forbes Realty of South Florida to discuss your options. Forbes Realty, based out of West Palm Beach Florida, specializes in short sale help for homeowners.

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If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.

Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc. Rodney has co-authored the book “Should I Short Sale My Home?”. Get your FREE copy at www.SouthFloridaRealEstateReport.com

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