Bank of America announced Friday that they are expanding their moratorium on foreclosure processing to all 50 states. Last week, the country's largest bank said that they were halting foreclosures indefinitely in the 23 states where lenders need court approval to foreclose on a property in order to double-check their work. JPMorgan Chase, GMAC Mortgage and PNC Financial have stopped foreclosures in 23 states and others are expected to follow suit.
Last week, Bank of America announced that it was halting all foreclosures in 23 states where lenders need court approval to repossess a property. Issues with foreclosure documents had come to light and the country's largest bank decided to step back from processing foreclosures in order to check over its paperwork.