Bank of America's wording change could spawn second wave of foreclosures
A large bank's change in the wording of short-sale agreements could open the doors of foreclosure once again for homeowners. Bank of America altered the wording to make struggling property owners liable for the difference between actual selling prices and mortgage amounts. The practice, if adopted by other major lenders, could touch off the second wave of the mortgage crisis.
American City Business Journals | 06/29
This story published in PLI SmartBrief on 06/29/2009
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