Bank of American statement on stopping foreclosure sales.

Bank of America released the following statement on Friday, March 8th regarding their decision to stop foreclosure sales throughout the country.

“Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for our past foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.” Link

While the long term impact remains to be seen, initially the stopping of foreclosure sales has placed many homebuyers in a distressed situation with closings postponed and dates extended indefinitely while everyone waits for the lenders involved, including Bank of America to resolve the processing issues.