Bank of America is reportedly resuming foreclosures starting next week in 23 States and on homes exceeding 100,000, claiming legal rights on doing so.

Amid issues of paperwork that was faulty, America’s largest bank started foreclosure halting on October 2.
Bank of America Corp however said on Monday it had plans that would see resubmission of documents carrying new signatures within states, requiring the approval of a judge to begin again the process of foreclosure.

In those states that hardly need the approval of a judge, the Bank has promised to delay foreclosures in about 27 of them.

The whole process is bound to result in foreclosures totaling about 30,000 being delayed, as the company reported.

The initial assessment of the company showed that their basis on foreclosure decisions was very accurate, as the spokesman of Bank of America, Dan Frahm, stated.

The Bank stands as the only foreclosure-halting lender within the entire country. Other companies such as PNC Financial Services Inc., JPMorgan Chase and Company and the Ally Financial Inc. are known to halt foreclosures totaling to tens of thousands following a similar Bank of America practice going public.

Since there are growing issues on documents of foreclosures, it is believed it might cause homeowners in their thousands to begin contesting foreclosures already completed or in the pipeline. Analysts on the same believe that a large number of homeowners who might be facing foreclosure could easily lose homes, their highly prized possession.

The banks had its shares flat but after the news, they jumped up once more, by 35 cents or by 2.9%.

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