Update on foreclosure moratorium
Friday, October 22, 2010
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The October 20 AZ Republic had a very informative article on the BofA foreclosure freeze and how it effects the Valley market that is summarized below and can be viewed at http://www.azcentral.com/news/articles/2010/10/20/20101020phoenix-bank-of-america-foreclosure-sale-freeze.html Public records show that BofA has not completed the last step in the foreclosure process (trustee sale) on any homes in the Phoenix area since October 8. BofA is continuing to start the foreclosure process and take it all the way to the last step at a pace of roughly 50 homes per day which equates to roughly 24% of the Valley's foreclosures. BofA is continuing to move forward with all of the REO sales that were already on the market prior to October 8. Several national lenders announced a similar freeze but BofA was the only lender that applied this to the AZ market. BofA has offered little information on the freeze but they have already lifted the freeze in 23 other states where foreclosures are overseen by a judge.
