CHARLOTTE, North Carolina |
CHARLOTTE, North Carolina (Reuters) - Bank of America Corp (BAC.N) said on Monday it was partially lifting a self-imposed nationwide moratorium on foreclosures.
The bank said it would lift the halt on foreclosure sales in the 23 U.S. states that require a judge's approval for foreclosure.
In the remaining 27 states, Bank of America's foreclosure halt will continue, though it projects that less than 30,000 foreclosures will be affected in those areas.
The bank said the first of 102,000 amended foreclosure affidavits will be filed on October 25 with state courts.
The largest U.S. mortgage servicer suspended foreclosure sales on October 9, to review its internal processes after a public furor erupted over reports that lenders may have failed to provide adequate documentation in the foreclosure process.
"As was the case for our judicial state review, our initial assessment findings show the basis for our foreclosure decisions is accurate," said Bank of America Home Loans spokesman Dan Frahm in a prepared statement.
(Reporting by Joe Rauch. Editing by Robert MacMillan