Bank of America is Resuming Foreclosures
Less than three weeks after suspending its foreclosure actions in all 50 states, Bank of America resumed its foreclosures in Stockton, California and nationwide. It is also expected that JPMorgan will also to resume foreclosures.
Bankers and other lenders suspended foreclosure actions earlier this month with concerns some lenders’ employees falsely swore they had personal knowledge of a particular case, because documents could not be located or because of other paperwork problems.
Bank of America, JPMorgan Chase, GMAC Mortgage and other companies held up action on pending foreclosures while they rechecked the paperwork.
Americans have been trying to live the American dream of owning a house and it’s just becoming very hard in these economic hard times the United States is experiencing. Sometimes homeowners are faced staying in their home being able to eat and continuing to pay their bills.
Hugh Lilly advises people that are behind on their debts on their debts and more importantly their mortgage to contact the lender and see how they can avoid foreclosure by investigating alternatives to foreclosure such as mortgage modification, short sale or various other alternatives. Be very wary about foreclosure scams and firms guaranteeing they can help for a fee.
Please comment on this blog post at your convenience we are interested in your thoughts on the Real Estate market and the economy. The Lilly team at PMZ is a full service Realtor providing consultation and marketing expertise without an upfront fee. We can be reached at 209-479-9222 or e-mail us at hlilly@pmz.com or visit us at www.hughlilly.com.