Bank of America and GMAC, two of the biggest mortgage lenders, announced that they will resume filing foreclosures on Monday. Expect other mortgage companies to follow suit.
Why did they stop filing foreclosures two weeks ago? Mostly in response to news about faulty court affidavits. Some affidavits were signed by employees without first reviewing the records. The mortgage companies paused filing new foreclosures in order to get their records straight. They say things are in order and they are starting to file new cases.