Bank of America Corp. said Monday that it will resume some foreclosure cases starting next week following a review of its processes.
The bank said it will begin to resubmit affidavits in 102,000 foreclosure cases in which judgment is pending in the 23 states where foreclosures are handled by courts.
"We anticipate that by Monday, Oct. 25, the first foreclosure affidavits will be resubmitted to the courts," spokesman Dan Frahm said in an emailed statement. "Upon judgment, foreclosure dates will be set and Bank of America will resume foreclosure sales in such proceedings in the 23 judicial states."
B of A said it will continue to delay foreclosure sales in the remaining 27 states where foreclosures can be handled outside of court until its review in those states is completed.
"We anticipate over the course of this pause, less than 30,000 foreclosure sales will have been delayed," the bank said. "As was the case for our judicial state review, our initial assessment findings show the basis for our foreclosure decisions is accurate."
B of A is the only major servicer to suspend foreclosure sales in all 50 states after discovering that certain foreclosure documents were filed improperly. Other servicers, including Ally Financial Inc.'s GMAC Mortgage and JPMorgan Chase & Co., have halted foreclosures only in judicial states.
The bank said it has reviewed its process for resubmission of affidavits with its largest investors.
