The foreclosure mess threatens to become full-blown chaos today as Bank of America, the nation's largest bank, halts all foreclosure procedures nationwide and raises the pressure on other lenders to do the same. For those in the real estate industry, this doesn't come as a surprise. Bank of America spokesperson Dan Frahm declined to disclose how many foreclosures would be affected by the move. 
As animosity grows about how lenders have prepared documents to support thousands of evictions, Bank of America is the first U.S. bank to institute a nationwide moratorium on foreclosures. The freeze on foreclosures will take effect on Saturday and will also include current sales of their foreclosed property.The Senate Banking Committee will hold hearings after the Nov elections (on Nov 16th) to look into allegations that the nation's largest lenders have foreclosed on struggling borrowers without following lawful & correct procedures. You can expect this situation to be long lasting as Democrats are expected to face heavy losses at the polls in Nov, therefor not giving new members their official positions in office until January.
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Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
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