This past weekend, Bank of America announced that it is placing a temporary moratorium on foreclosures. What does this mean? It means that those homeowners who have received their Notice of Trustee Sale from Bank of America due to non-payment of their mortgage, may not have their homes auctioned any time soon. This does not mean that all Bank of America customers can stop making their mortgage payments without consequences. It simply means that those homeowners who have imminent auction/foreclosure dates have received a postponement of the inevitable.
Other lenders such as JP Morgan Chase and GMAC Mortgage, have announced a moratorium on foreclosures in 23 states. Arizona is currently not included on this list. Why the moratoriums? It has come to light in a court of law that lenders are not paying close attention to the homeowner's documents and that many bank officials are overwhelmed by their workloads. Consequently, they are not diligently investigating before approving foreclosures.
These moratoriums do currently not affect short sales. Short sales are proceeding as usual.
If you have any questions regarding alternatives to foreclosure, give us a call at 623-694-0354. We are here to help you through a difficult time with grace and dignity.
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