Well, it didn't take long for my previous post to become outdated. This morning, Bank of America announced that it would halt all foreclosure sales in all 50 states until it can verify that its foreclosure procedures comply with applicable laws. The move appears to have been spurred by the Delaware Attorney General's questions regarding BoA's procedures in Delaware (which was not one of the original 23 judicial foreclosure states included in BoA's earlier announcement to halt foreclosures). As a result, Tennessee is now included in BoA's halt (at least for now).
So, what does this mean for Tennessee homeowners who are facing foreclosure through BoA? My opinion is this is just a delay. There is no way to know whether or not BoA will start modifying loans or make any other concessions to homeowners, but at least the foreclosures should stop for now. However, if you are already in the foreclosure process, I would encourage you to get confirmation in writing that the foreclosure sale has been stopped.
