Banks Halt Foreclosures

Bank of America and other banks have halted foreclosures in all 50 states!! The sheer number of delinquent homeowners has created a mountain of paperwork. Banks have been remiss in properly processing foreclosure documents. There has been much discussion as to who owns the promissory note. The owner of that note is the only one entitled to foreclose. When a bank sells your mortgage, that note sometimes remains held by the original bank.

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NBC News explains.......

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What does this mean to you? If you are currently in foreclosure, you are not out of the woods. The banks will review their paperwork and "put their ducks in a row". The foreclosure will take longer, but it will happen.