Thursday, December 16, 2010

Foreclosures fall by record amount in November as lenders put brakes on

The word on the street is that with the new congress and higher rates that these foreclosures will increase in 2011.  BofA has already restarted foreclosures.
The lenders have already announced that they are restarting foreclosure activities, and they are going to have catch-up work to do," Sharga said. "It is very likely we are going to see accelerated foreclosure rates in the first quarter."
Several lenders announced partial freezes in October after admitting that they had employed so-called robo-signers — people who legally attested to the accuracy of foreclosure documents without reading them — in the states where the courts oversee the process.
In California, repossessions of homes in November plunged 40% from the previous month and 45% from November 2009, according to RealtyTrac.
Bank of America Corp. said last week that it was lifting its foreclosure freeze and began taking back some 16,000 properties nationally. The bank declared a freeze in October after it acknowledged that it had employed robo-signers.
 Read it all

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