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How Will The Bank of America FORECLOSURE FREEZE Affect the Real Estate Market in the Coming Months?

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Banks, who should have a much clearer and earlier picture of the volume of mortgage notes delinquent and entering the foreclosure process, have obviously failed to prepare themselves yet again. First, it was a total lack of preparation, training and bodies to cover all its customers’ HAMP inquiries in the early months of the HAMP program in the spring/summer of 2009. And now, it’s leaking out that several banks, including giants like JPMorgan Chase, have been using “robo-signers”—loan service personnel …

RISMEDIA, October 6, 2010—(CBS MoneyWatch)—On Friday, Bank of America announced that it would suspend foreclosures in 23 states while it amended filed paperwork. That makes B of A the third major bank in two weeks to put its foreclosure process in limbo. Two days earlier J.P. Morgan Chase announced it would freeze foreclosures on more than 50,000 homes currently in receipt of a foreclosure filing. Last week, Ally Financial Inc. (the former GMAC Mortgage) also froze foreclosures.

All three banks …

The July figures are out from the Lender Processing Services index. Among other things, the index showed the length of time loans are staying in the foreclosure process is increasing. In a single year (from July 2009 to July 2010), the average number of days a loan is delinquent until the final foreclosure increased by 118 days to 469 days. While this is a national average and the foreclosure time will likely be significantly less in nonjudicial foreclosure states, it’s …

Get ready for an onslaught of public service announcements campaigning the “highly successful”  Making Home Affordable Program.  The Advertising Council in partnership with HUD and the U.S. Treasury have decided to join forces to raise public awareness and push the benefits of the government’s foreclosure prevention programs.   Over 33,000 media outlets across the country are tagged to push the program.

The HAMP program has not been a raging success.   In fact, nearly 521,000 trial modifications have been cancelled and over …