Bank of America said it has reviewed its foreclosure procedures in 23 judicial states, resubmitted affidavits that were in dispute, and anticipates cranking up REO sales in a few weeks.
The bank estimates that less 30,000 foreclosure sales were scuttled by its temporary moratorium.
B of A said that on Monday it "began the process of preparing foreclosure affidavits for submission in 102,000 foreclosure actions in which judgment is pending."
It added that, "We anticipate that by Monday, Oct. 25, the first foreclosure affidavits will be resubmitted to the courts. Upon judgment, foreclosure dates will be set and Bank of America will resume foreclosure sales in such proceedings in the 23 judicial states."
The bank noted that it will continue to delay foreclosure sales on a "state by state basis" in the remaining 27 states until its reviews are completed.
B of A ranks first among all residential servicers with $2.197 trillion in receivables and a market share of 22.21%.
