Record number of foreclosures in third quarter
The number of foreclosures has reached a record high in the third quarter. According to RealtyTrac, the state of Texas has one of the highest foreclosure rates in the nation.
The Foreclosure Listing Service says that lenders have posted nearly 11,000 homes for foreclosure in Central Texas.
One lender in the Waco area, Jeff Bradburn says, that even though a majority of Central Texas and and even the nation is affected, his company has not seen any changes.
Texas Attorney General, Gregg Abbott, asked that loan servicing companies postpone all foreclosures based on a concern about accuracy of documents.
A letter to bank of America explains that previously foreclosed properties must be suspended until the bank has investigated their employees and followed the laws in regards to foreclosures.
As of today, Bank of America is extending the freeze on foreclosures in all states, pending further investigation on foreclosures, due to faulty paperwork.