Bank Of America Now Halts All Foreclosure Sales

foreclosure020310_optBank of America is halting foreclosure sales in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday.┬áThe announcement came a week after the nation’s largest bank said it was freezing home foreclosures in 23 states where foreclosures must be approved by the courts. The latest move by Bank of America extends a review of foreclosure documents to all states, regardless of the required legal processes.

The bank said the foreclosure process on delinquent borrowers will continue, but it will not proceed to judgment or a foreclosure sale.

“Our ongoing assessment shows the basis for our past foreclosure decisions is accurate,” said Bank of America (BAC, Fortune 500) spokesman Dan Frahm in an e-mailed statement.

Bank of America is not the only bank to freeze foreclosures.

JPMorgan Chase (JPM, Fortune 500) announced last week that it will also halt proceedings for about 56,000 homeowners after learning that its employees may have approved foreclosures without personally reviewing loan files.

JPMorgan Chase had no comment on Friday’s announcement by Bank of America.

Ally Financial, previously known as GMAC, the finance arm of General Motors, has also paused foreclosures in the 23 states. Read more in CNN.

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