Bank of America to Resume Foreclosure Proceedings

The Associated Press is reporting this afternoon that Bank of America has announced plans to resume foreclosure proceedings and begin again the process to seize homes from homeowners who are severely delinquent on their mortgages.  Beginning next week in the 23 states that require court approval to foreclose on  a property, Bank of America will re-file with the courts corrected documents for those properties where it found errors had originally been made.

In the remaining 27 states, where the foreclosure process used is commonly referred to as “non-judicial foreclosure”, homeowners will still get a temporary reprieve from foreclosure as Bank of America, the nations largest lender and loan servicer, has not yet completed its own internal review of the documents and filings used in those proceedings.  But if this latest announcement is any indication, it should not be long before those properties are back on the auction block.