Bank’s plan eases foreclosure concerns
Bank of America Corp. will continue foreclosures in Mesa County, but it will stop short at the end of the process and not sell the properties immediately, Mesa County Public Trustee Paul Brown said.
Bank of America had announced a national moratorium on foreclosures, which was prompted by fears of fraudulent documentation.
The bank’s policy will prevent a backlog of foreclosures for Brown’s office, meaning the nationwide moratorium ultimately will have little effect in Mesa County, Brown said.
“It won’t change anything we’ve been doing,” Brown said.
Two large mortgage lenders, Wells Fargo and Citigroup Inc., already ruled out freezing their foreclosures, saying they were confident of their internal policies and personnel.
Bank of America, JPMorgan Chase & Co. and other large mortgage lenders last week halted their foreclosure activities to determine whether employees processed foreclosure documents appropriately.