St George, Utah has had it's share of foreclosures, but one huge source of foreclosures has just been cut off. Bank of America, one of the largest banks in the nation has been halted in it's ability to foreclose on properties in the state of Utah. But...will the ruling hold up?
On May 22, 5th District Court Judge James L. Shumate in St George ruled to stop all foreclosure proceedings in the state of Utah by Bank of America. The ruling, if upheld, would require Bank of America and all other mortgage companies to have local offices in Utah where homeowner's can go meet in person with their bank to negotiate their loan terms. Bank of America does not currently have local offices, and therefore (allegedly) does not conform to state laws.
3810 Views, 0 Comments