Foreclosure Freeze Thaws

The foreclosure freeze that has threatened to paralyze the housing market in recent days may be coming to an end. Two of the nation's largest mortgage lenders announced plans Monday to resume foreclosure cases, despite lingering concerns about document processing.

Bank of America resumed 102,000 foreclosures after determining that its processes for reclaiming homes were satisfactory. GMAC Mortgage also began processing foreclosures again but did not specify how many.

The renewed foreclosure efforts are part of move to demonstrate that while there may have been some procedural issues, the majority of foreclosure and eviction actions are legitimate, and that the banks have the paperwork to prove it.

For more on foreclosures, buying a home or selling one see these AOL Real Estate guides:

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Read Full Story

Can't get enough real estate news?

Sign up for Finance Report by AOL and get everything from celebrity homes to renovation tricks delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

Find a home

Buy
Rent
Value
Powered by Zillow