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News Link • Housing

BofA Plans to Refile Papers on 102K Foreclosures

• Yahoo! News

WASHINGTON – Bank of America plans to resume foreclosures on more than 100,000 homes in 23 states next week, saying Monday it has a legal right to seize them.

Bank of America Corp., the country's largest bank, began halting foreclosures on Oct. 2 amid questions of faulty paperwork.

The company on Monday said it plans to resubmit documents with new signatures in states that require a judge's approval to restart the foreclosure process.

It will continue delaying foreclosures in 27 states that do not require a judge's approval.

The entire process will result in fewer than 30,000 foreclosures being delayed, the company said.

The company's initial assessment shows that "the basis for our foreclosure decisions is accurate," said Dan Frahm, a Bank of America spokesman.

 

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