User question: I would like to know if Bank of America has frozen home foreclosures or is it a rumor which I was told by the Bank of America employee handling our case. Please let me know.
Answer from blueroof.com: Yes it is true that Bank of America has put a hold on all foreclosures throughout the U.S. So the representative was correct.
However, there is no definite time frame for how long they will be frozen. It may not be very long at all or it could be a few months.
What we have seen is that they have not stopped the process on many homes. They have simply pushed the sale date out a few weeks until around mid-November. This way they don't have to start all over. They can move quickly once they take the freeze off.
This leads us to believe that Bank of America is not expecting this freeze to last very long.
We strongly encourage everyone to pursue other options to foreclosure now because they are likely to be more motivated to come to a workout solution now since they are not able to foreclose on properties.
*Nothing here is considered to be legal or tax advice. Any and all questions regarding tax or legal issues need to be directed to an appropriate and licensed professional.
Managing Broker for Blue Roof Realty
Please note that ABC15.com, and its paying advertiser blueroof.com which answered this question, are not qualified to offer tax advice and the best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
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