The Bank of America foreclosure freeze doesn’t work out so well for those who were about to buy a foreclosed property. Andy finds himself spinning his wheels, having been zapped by the freeze ray just as he was about to close on a house.
I am trying to understand what impact the Bank Of America “freeze” has had on other people. I am stuck in limbo and at their mercy. I have signed contract, but I cannot close and not one knows when I will be able to close.
There are twists and updates every 10 minutes. I get calls from the listing agent saying we can close ASAp, then 10 minutes later my Realtor calls saying “No REO closings till further notice’, then I get equator emails forwarded to me from the asset managers like this one”
The foreclosure sale date for this asset was 02/06/2009; the foreclosure sale stands and our current transaction scheduled to close on 10/12/2010 should be honored by all parties. This transaction is not affected by the recent efforts by Bank of America to review foreclosure sale processes. Only assets with a foreclosure sale date on or after 10/09/2010 are affected by the delay.
I just want one, definitive answer so I can sleep at night.
Unfortunately, it doesn’t look like there is one definitive answer — and that’s the problem.
In fact, cases like yours show why a national moratorium on foreclosures is controversial and currently not supported by the White House.
Consumers Union, parent company of Consumerist, supports a nationwide moratorium.
Here’s The Atlantic’s take on the situation. So, long story short — we’re on the precipice of a clusterf*ck and there are no simple answers.