In Bank of America’s 4th quarter report today (seen at Calculated Risk), they state their preference and commitment to the drip system:
- Resumed foreclosure sales in most non-judicial states in early December, starting with vacant and non-owner occupied properties; expect to resume sales in remaining states in 1Q11.
- Maintaining a deliberate and phased approach.
- Remain committed to ensure no property is taken to foreclosure improperly.
- Review of our foreclosure process shows the basis for our decisions has been accurate.
- Process areas identified for improvement.
Delinquency Statistics for Completed Foreclosure Sales
- 78% of borrowers had not made a mortgage payment for more than one year.
- Average of 585 days in delinquent status (approximately 19 months).
- 50% of properties were vacant (excludes loans for which occupancy was unknown).
- 54% of borrowers were unemployed or had their income reduced.