BofA to resume foreclosures in 23 states Oct. 25
Bank of America (BAC) will begin resubmitting affidavits in 102,000 foreclosure actions Oct. 25, according to a statement from Dan Frahm, a spokesman for BofA. Upon judgment, foreclosure dates will be set and the bank will resume foreclosure sales in 23 judicial states. On Oct. 1, BofA suspended foreclosures in 23 states where employees signed foreclosure affidavits without verifying documentation or having a notary present. The bank then expanded the suspension to all 50 states a week later. Ally Financial (GJM) and JPMorgan Chase (JPM) also suspended foreclosure sales in 23 states, and Ally began a review of its foreclosure affidavits across the country. BofA will continue its foreclosure review in the remaining 27 states on a state-by-state basis. Frahm said the bank expects less than 30,000 foreclosure sales to be delayed. "As was the case for our judicial state review, our initial assessment findings show the basis for our foreclosure decisions is accurate," Frahm said. Write to Jon Prior.