Bank of America Thaws Foreclosure Freeze

If you’re an under-the-gun homeowner with a Bank of America mortgage and you’ve been keeping your fingers crossed that the bank’s temporary suspension of foreclosures would continue indefinitely, you can uncross them. The bank announced today that it would resume foreclosures this month.

CNN reports that Bank of America has examined its processes, and is ready to get back into the foreclosure business.

“We have identified areas of our process that can be improved and while we make these improvements, it’s important that we move ahead with efforts to reduce the number of abandoned properties across the country,” said Barbara Desoer, president of Bank of America Home Loans, in a statement. “The properties can drag home values in neighborhoods and slow the eventual recovery of the housing market.”

Bank of America expects to foreclose on 16,000 homes this month. But BofA will observe a “holiday suspension” between December 20th and January 2nd, so if you’re not kicked out by then, you’ll get a few extra days before you have to pack up and go.

Bank of America to resume foreclosures – Dec. 10, 2010 []